The group will invest more than $3 billion to set up a green steel plant in Oman that will produce high- strength automotive products for customers in the Middle East, Europe and Japan.

The company has the necessary approvals in place for a green hydrogen ready project that can process 5 million tons of steel a year. He said that the plant in Duqm is expected to be finished by the end of the century.

He said in an interview on Saturday that the company would evaluate the optimum mix of debt and equity to maximize shareholder value.

Steelmakers are investing heavily in decarbonizing their operations as more and more consumers commit to net zero goals. Green hydrogen, produced using water and renewable electricity, is expected to play a crucial role in the decarbonization of heavy industry, and is forecast to grow rapidly this decade.

The sector has been hurt by rising energy costs for markets such as Europe.

Demand Centers

The energy needs of the integrated steel complex will be met by a long-term natural gas supply agreement. The company will be able to transition away from fossil fuel based energy by investing in green hydrogen ready technologies.

About 30%- 40% of the production from the new plant will be consumed within the sultanate, and the rest will be exported to meet global green steel demand. He said the plant will cater to industries in Europe, Japan and other countries.

The demand for flat steel products in the region is expected to double by the year 2030. 2.5 million tons of steel are produced annually by the steel plant in Sultanate ofOman.

The Jindal Steel Group is a $35 billion family. It also includes his brother Sajjan Jindal and his steel company. The matriarch of the family is Asia's richest woman with a fortune of fourteen billion dollars.