Posco Engineering & Construction (Posco E&C), a unit of South Korean steelmaker Posco, has won a $400 million contract from Oman-based Sun Metals to build a steelmaking and rolling mill plant at Sur industrial complex in the north east of the country.
The plant will have a capacity to manufacture 2.5 million ton of billet, steel bar and special steel, said a statement from Posco E&C.
Work will soon start on the project and is likely to be completed by the middle of 2016, it added.
As the construction site is Sur industrial complex located in the northeast of Oman, the project will be carried out with the support of the Oman government, said CEO Hwang Tae Hyun after signing the contract with Sivarajan, the director of Sun Metals.
Tae Hyun said Posco E&C was the world's only construction company that could manage the whole construction process of an integrated still under Pepcom (project execution en bloc throughout the entire project cycle, including project planning, engineering, procurement, construction and operation and maintenance).
This entire steelmaking and rolling plant project in Oman will be undertaken under Pepcom arrangement, which is one step more advanced from simple EPS, he added.