Memorandum of Understanding with Daniele Italian CompanyMemorandum of Understanding Between the Libyan Iron and Steel Company and Daniele Italian Company On Monday, April 15, 2024, a Memorandum of Understanding was signed between the two companies to launch a direct reduction plant project to produce 2 million tons of sponge iron and hot-rolled iron annually. The plant will be established within the Libyan Iron and Steel Company, utilizing its existing infrastructure, including storage, handling, and screening systems for raw materials. Both the sponge iron and hot-rolled products are in demand in the local market of the Libyan Iron and Steel Company as well as in international markets. Additionally, Daniele requires these products to supply its factories in Italy. The project will be a joint venture with Daniele holding a 51% stake and the Libyan Iron and Steel Company holding a 49% stake. The project’s economic feasibility predicts that the capital will be recovered within 8 years after the estimated 3.5-year implementation period. It will primarily rely on using Daniele’s EnergIron technology, which competes with the American Midrex technology. Daniele is one of the three major global companies operating in the iron, steel, and metal industries: Primetals, a subsidiary of Siemens Germany. SMS Group from Germany. Daniele Italian Company. Daniele has a long history of collaboration, having executed several projects with the Libyan Iron and Steel Company, as well as continuous cooperation in supplying spare parts and technical services, including: Construction of a rebar plant with an annual production capacity of 400,000 tons, opened in 1997. Construction of a rebar plant with an annual production capacity of 800,000 tons, opened in 2018. It is worth noting that this project is part of the second phase of the general development plan approved for the company in 2007, which saw the completion of its first phase with the opening of the Rebar Rolling Mill 2 in November 2018. The Libyan Iron and Steel Company… Building on a Strong Foundation.
Memorandum of Understanding Between the Libyan Iron and Steel Company and Daniele Italian Company On Monday,...
