Minister of Trade, Investment and Tourism, Satyakama Maharaj, says the Government is working to fully revitalise the local steel industry and attract international investors.
Speaking during consultations hosted by the Private Sector Organisation of Trinidad and Tobago (PSOTT) in South Trinidad on Tuesday, he said there are efforts under way to attract international investment to Trinidad and Tobago.
He singled out one project, revealing that international investors have shown keen interest in Trinidad and Tobago’s steel plant.
“That is a Canadian firm, and they are ready to sign. They are here in Trinidad right now, and we just signed an MOU. That’s a 50 million US investment that will go to a 150 million US investment.”
The Trade Minister said one of the largest contributors to the local economy outside of the energy sector was the steel plant in Point Lisas.
He added that the plant has been shut down for the last 10 years.
“The old ISCOTT, ISPATT plant, because it has a melt shop – after over a hundred years of industrialisation, you know this country has more than any country in the region? We have scrap, scrap coming out of our ears. They will buy every pound of scrap that we have.”
Minister Maharaj indicated that scrap removal was not the only area that would benefit from the reopening of the plant.
“Do you know we produce 1.1 million tyres every year? Discarded? They’re buying all the tyres, too. So they’re cleaning up the country. They’re buying all the scrap.”
He highlighted that the initiative builds on the momentum generated by the recently signed agreement.
“Also signed the MOU with the Americans for the reopening of the steel plant. That’s a major achievement because that will give us about 1.5 billion US a year in exports for the steel because right now Nucor alone is the second largest non-oil exporter. Eight times more than the third place.”
The consultation series is part of a nationwide tour titled ‘On the Road to Transformation’. It will run from July 20th to August 20th, 2026.