Ibis Steel Company of Trinidad and Tobago, a subsidiary of U.S.-based Pinnacle Steel and Vanadium Corp., formally launched site refurbishment Monday at the Point Lisas Industrial Estate in Couva. The company said an initial US$250 million investment will fund the restart, with first production targeted for the end of 2027. The initial phase is expected to create about 350 jobs during refurbishment and 500 permanent positions once production begins. A further US$500 million expansion could eventually double permanent employment to 1,000 jobs.

The project follows the closure of the ArcelorMittal plant in March 2016, which displaced 644 workers and left a major industrial site inactive for years. Ibis Steel intends to move beyond conventional steel production by developing vanadium processing and production at the facility, targeting a role in North American and European supply chains for a metal used in steel, aerospace applications and some battery technologies. Company officials say the operation is intended to produce enough vanadium to equal about half of U.S. consumption and the full volume of U.S. imports, although those targets depend on the project's eventual development.