Global steel producer LIBERTY Steel has signed a Memorandum of Understanding (MoU) with AD Ports Group to develop solutions for importing high-quality magnetite ore from Australia. The agreement aims to decarbonize international iron and steel production by combining LIBERTY's access to 4 billion tons of South Australia's premium grade magnetite ore with the UAE's renewable energy potential and AD Ports Group's advanced infrastructure.
The MoU will explore plans to host a green iron production facility in Khalifa Economic Zones Abu Dhabi (KEZAD) and related port infrastructure and conveyor system in Khalifa Port, contributing to the UAE's ambitions to grow its manufacturing base by 2031. The demand for green iron and steel is forecast to reach over U$400bn by 2030, presenting a significant market opportunity for the UAE and delivering real action to decarbonise supply chains. The UAE Energy Strategy 2050 focuses on tripling the contribution of renewable energy and diversifying its energy sources, including solar and green hydrogen.
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