Summary of Proposed Investment
Project Number
4653
Company Name
Caribbean Ispat Limited
Date SPI Disclosed
May 19, 1995
Country
Trinidad and Tobago
Industry
Manufacturing
Status
Completed
Sector
Integrated Steel Works
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Jul 26, 1995
Signed : Dec 15, 1995
Invested : May 14, 1996
Project Description
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SUMMARY OF PROJECT INFORMATION (SPI)
Project name Trinidad & Tobago - Caribbean Ispat Limited
Region Latin America and Caribbean
Sector Manufacturing
Project No. 004653
Projected Board Date June 19, 1995
Company Name Caribbean Ispat Limited
Technical Partner and/or Major Shareholders
Mr. L. N. Mittal, representative of the Mittal family, through Seolak Investment Ltd. (British Virgin Islands) 100%.
Project Cost Including proposed IFC investment
US$147.4 million, of which IFC’s investment is US$27.3 million.
Location of project and Description of Site
Point Lisas Industrial Estate, Trinidad and Tobago,
West Indies.
Description of Company and Purpose of Project
The Project is the first integrated steel producing company in Trinidad & Tobago and consists of the production and environmental upgrade of the Caribbean Ispat Limited steel making facility that was purchased from the Government of the Republic of Trinidad and Tobago on December 30, 1994. The plant is integrated, comprising gas based direct reduction iron (DRI) 840,000 mty, an electric arc furnace (EAF) type steel melt shop of 600,000 mty, a wire rod mill of 420,000 mty and ancillary facilities. The production upgrade would increase output of the facility to 1,168,000 mty of DRI, 1,000,000 mty of billets and 734,000 mty of wire rods as well as result in net efficiency and throughput savings of about $24/mt on the wire rods.
Environmental Category and Issues
This is a category “B” project according to IFC’s environmental review procedure. Environmental andoccupational and health issues associated with this project include air emission control, solid waste management, wastewater management and use of effluent for irrigation, resource recovery, general employee health and safety and environmental monitoring and reporting program. CIL will improve emission control by investing in increased fan capacities, introduction of scrubbers, upgrade or replace missing equipment, install primary and secondary emissions control systems and introduce disposal of the pelletized electric arc furnace dust. The improvements will bring the air emissions from CIL in compliance with World Bank guidelines. A dedicated landfill will be introduced to avoid dust emission from dried sludge disposal. CIL will improve the quality of wastewater and run-off water. The improvements will bring the effluent water from CIL in compliance with local requirements and World Bank guidelines. The effluent will be used for irrigation in greenbelt development within the plant
boundary. A secondary screening system will be installed to recover and recycle oxide dust from the direct reduction plant. The project improvements will significantly improve the occupational health and safety at the plant. Finally, CIL will implement an environmental monitoring and reporting and program to verify ongoing compliance with applicable environmental standards. IFC will ensure ongoing compliance with World Bank guidelines during the life of the project by evaluating monitoring reports submitted annually to IFC by Caribbean Ispat Ltd. and by conducting periodic supervision.
The Environmental Review Summary is available from the Public Information Center on or about May 20, 1995.
Host country location(s) of environmental documents: Iscott Complex, P.O. Box 476, Point Lisas, Couva, Trinidad & Tobago
Date SPI sent to PIC May 19, 1995
For Additional Information contact: Corporate Relations Unit - telephone: (202) 473-7711,
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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