Glencore Plc, the Swiss mining and commodity trading giant led by South African executive Gary Nagle, has agreed to buy at least 500,000 tons a year of hot briquetted iron from a planned plant in Oman, locking in long-term supply of a lower-carbon steelmaking input from 2030.
The offtake agreement with Meranti Green Steel allows Glencore to purchase between 500,000 and 1.25 million tons annually, according to the projects developer. Meranti Chief Executive Officer Sebastian Langendorf said about two-thirds of the plants output is expected to go to European steelmakers seeking to cut emissions in their supply chains.
Meranti signs HBI offtake, green steel push
