MUSCAT, OCT 31
Atlas Steel, a newly established steel producer backed by private investment interests, plans to develop an integrated steelmaking and rebar manufacturing complex at Suhar Industrial City, involving an investment exceeding RO 112 million (approximately $291 million).
The project, featuring an electric arc furnace-based steel melt shop with an annual production capacity of 720,000 tonnes, alongside a 700,000-tonne-per-year rebar rolling mill, promises to strengthen Suhar's position as a major steel manufacturing hub in the Sultanate of Oman.
The investment was formally announced on Wednesday, October 28, as part of 28 agreements worth more than RO 304 million signed under the auspices of the Public Authority for Special Economic Zones and Free Zones (OPAZ).
Atlas Steel's project, the largest individual investment among the agreements, will occupy approximately 440,000 square metres at Suhar Industrial City, operated by the Public Establishment for Industrial Estates (Madayn).
According to Atlas Steel's corporate profile, the company is backed by Atlas Investment, described as an investment firm supporting the development of the steel manufacturing venture.
The proposed manufacturing complex comprises two principal facilities: a steel melt shop equipped with a 120-tonne electric arc furnace (EAF), and a hot rolling mill designed to manufacture reinforcing steel bars for construction and infrastructure applications.
Together, the facilities will enable the company to integrate steelmaking with downstream processing, potentially serving domestic construction requirements while positioning itself to access regional export markets.
The adoption of electric arc furnace technology is particularly noteworthy as Oman seeks to expand its lower-carbon industrial manufacturing capabilities. Depending on the metallic feedstock and electricity sources employed, EAF-based steelmaking can offer significant emissions advantages over conventional blast furnace production.
The investment also comes amidst growing interest in Suhar's established steel manufacturing ecosystem, which includes major producers such as Jindal Steel Sohar, Sohar Steel and Moon Iron & Steel Company.
The new complex could generate additional demand for industrial utilities, logistics, engineering services and supporting industries, while creating opportunities for local suppliers and employment.
The project represents a significant addition to Oman's industrial investment pipeline, supporting national ambitions to expand manufacturing output, strengthen domestic value chains and diversify the economy under Oman Vision 2040.
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