Trinidad and Tobago is set to become a major player in the global vanadium market, with a refurbished Point Lisas facility aiming to supply half of US consumption of the strategic metal, which is critical to the aerospace, defence and nuclear energy sectors.

Speaking at Monday’s ribbon-cutting ceremony, Pinnacle Steel and Vanadium Company CEO Edwin Bennett announced the refurbishment and recommissioning of the former Point Lisas steel facility, which ArcelorMittal closed in 2016. The plant, renamed the Ibis Steel Company of Trinidad and Tobago Limited, will operate as a subsidiary of the US-based corporation.

“Our vision is to produce the equivalent of 50% of American consumption of vanadium. In other words, 100% of the quantity of vanadium that the United States imports.”