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Vale plans to make a Final Investment Decision (FID) this year for a $5 billion low-carbon steel complex at the Special Economic Zone at Duqm (SEZAD) in Oman, with construction expected to start next year. The project will produce low-carbon iron ore concentrates and hot briquetted iron (HBI) for steel mills in the Middle East.

Vale has signed land agreements and attracted interest from international investors for downstream opportunities, with several Memoranda of Understanding (MoUs) already established. The Mega Hub is part of a strategy to decarbonize the steel industry, with HBI production emitting 60% less CO₂ than traditional methods.

The facility will also support logistics infrastructure and contribute to local job creation. Additionally, Vale is developing Oman’s first iron ore concentration plant in a joint venture with ACPG Jinnan Steel, valued at $600 million.