The local Lion Diversified Holdings BHD signed a memorandum of understanding with Midrex Technologies regarding the construction of a new direct reduced iron plant. According to the terms of the MOU construction plans under consideration call for building a complex with an installed production capacity of 1.5 million tons per year of DRI.
The proposed facility will enable the production of hot DRI for on-site consumption via hot transport to Lion Group’s three electric arc furnaces at two adjacent steel mills known as Megasteel and Amsteel II.
MIDREX is expected to finalize a contract this fall, and hopes to break ground on the project by late 2006. Although no investment details have yet been revealed industry sources have stated that such a mill is likely to cost about $ 100,000,000 to build.
Lion Diversified operates as an investment holding company.
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