Meranti Green Steel

What Meranti Green Steel does

Meranti Green Steel, founded in 2023 as the green steel subsidiary of Singapore-based Meranti Steel Pte. Ltd., is developing a geographically decoupled green steel production network targeting 7–8 million tonnes per annum at full build-out. The company produces certified green Hot Briquetted Iron (HBI) via Direct Reduced Iron (DRI) at a 2.5 Mtpa facility in the Duqm Special Economic Zone of Oman, using a natural gas and green hydrogen blend with ENERGIRON technology (hydrogen-ready up to 90%) supplied by Tenova and Danieli. The HBI is then shipped to Meranti's 2.5 Mtpa green Hot Rolled Coil (HRC) plant under development in Rayong, Thailand, where Electric Arc Furnaces (Danieli DIGIMELTER with Q-ONE) powered by renewable energy (solar, wind, hydropower via sister company Meranti Green Energy) melt HBI and scrap into low-carbon flat steel. The model positions each location at its strongest advantage — competitive gas and hydrogen access in Oman, renewable-rich grid and proximity to Southeast Asian demand in Thailand — while avoiding the stranded-asset risk of legacy blast furnace operations.

The business model is industrial B2B offtake-driven. Approximately 70% of Oman HBI output is committed to three commodity-trading partners — Thyssenkrupp Materials Trading (1.0 Mtpa, Germany/Benelux), Glencore (0.5–1.25 Mtpa, global), and INTERFER Edelstahl & Austria (0.25 Mtpa, Italy/Austria) — under multi-year offtake agreements priced at a premium to traditional steel tied to EU CBAM carbon costs (low-carbon steel premiums cited at EUR 55–300/mt in Europe). The remaining ~30% flows internally to the Thailand plant, where HRC is sold to automotive manufacturers (including Thailand's EV hub), construction and building envelope companies (Kingspan), home appliance makers, and packaging sectors, with export to Europe under CBAM. Distribution is augmented by Steelinvest NV for international HRC trade finance and marketing. Project financing is led by KfW IPEX-Bank, with EY as financial structuring advisor and an undisclosed long-term strategic investor signed in March 2026 ahead of mid-2026 Final Investment Decision. Both flagship plants target commissioning in mid-2029 (Oman) and end-2029 (Thailand), meaning the company is currently pre-revenue and pre-FID. The company also holds a cooperation agreement with Green Steel of WA (GSWA) for a potential third hub in Western Australia, and pursues ResponsibleSteel, ISO 14001/14064/14067, and ISO 9001/45001 certifications as prerequisites for CBAM-linked premium pricing and European institutional offtake.

Name

Meranti Green Steel

Legal name

Meranti Green Steel Pte. Ltd.

Website

https://merantigreensteel.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

51–100 employees

Short description

Meranti Green Steel is a Singapore-based green steel developer building a decoupled production network — 2.5 Mtpa of green HBI in Oman and 2.5 Mtpa of renewable-powered HRC in Thailand — serving automotive, construction, building envelope, and appliance manufacturers in Asia and Europe via long-term offtake agreements.

Ownership category

akta.pro rank

Product category

Green Steel Manufacturing

NAICS

Iron and Steel Mills and Ferroalloy Manufacturing (33111)

SIC

Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Direct Reduced Iron (DRI) & Hot Briquetted Iron (HBI) Production (IMAKABAC)

akta.pro secondary industries

Electric Arc Furnace (EAF) Steelmaking (Incl. DRI/HBI-Based) (IMAKABAB), Ferrous Metals Trading & Distribution (Iron Ore, Pig Iron, DRI/HBI, Ferroalloys) (IMAKAJAA)

Keywords

• Green steel production
• Hot rolled coil
• Direct reduced iron
• Green hydrogen ironmaking
• Low-carbon steel manufacturing

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Green HBI Sales to European and Global Steelmakers: Meranti produces 2.5 million tonnes per annum of certified green HBI in Oman using a natural gas and green hydrogen mix. Approximately 70% of HBI output is sold to external offtake partners including Thyssenkrupp Materials Trading, INTERFER Edelstahl & Austria, and Glencore. Pricing aligned with EU CBAM carbon costs and premium markets.
2. Green Hot Rolled Coil (HRC) Sales: Meranti's Rayong, Thailand plant produces 2.5 million tonnes per annum of green HRC using HBI from Oman and scrap steel melted in EAFs powered by renewable energy. Products targeted at automotive (EV and traditional), construction, home appliances, and packaging sectors in Thailand and for export to Europe under CBAM.
3. Thailand Green Steel Plant — Internal HBI Consumption: Approximately 30% of Oman HBI output (~0.75 million tonnes) is allocated to Meranti's own green steel plant in Rayong, Thailand, reducing import reliance for Thailand's domestic market.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

Meranti Green Steel operates a decoupled ironmaking and steelmaking model. It produces certified green Hot Briquetted Iron (HBI) at a 2.5 million tonnes-per-annum facility in the Duqm Special Economic Zone, Oman, using a natural gas and green hydrogen blend in ENERGIRON Direct Reduction Iron (DRI) technology. The HBI is then shipped to the company's Rayong, Thailand plant, where it is melted in Electric Arc Furnaces (EAF) powered by renewable energy to produce up to 2.5 million tonnes per annum of green Hot Rolled Coil (HRC). Products are sold through long-term offtake agreements to automotive manufacturers, construction firms, home appliance producers, building envelope companies, and European/global steelmakers.

Product overview

Meranti Green Steel operates a geographically split production model that decouples iron making from steelmaking. The company produces certified green Hot Briquetted Iron (HBI) using Direct Reduced Iron (DRI) technology in Oman, combining natural gas with green hydrogen in a phased transition toward full hydrogen usage. The HBI is then shipped to Meranti's Thailand facility in Rayong, where it is melted in Electric Arc Furnaces (EAF) powered by renewable energy sources (solar, wind, hydropower) to produce green Hot Rolled Coil (HRC). This dual-product approach—the DRI/HBI product in Oman and the EAF & Renewables product in Thailand—enables the company to deliver high-quality low-carbon steel products with over 90% CO2 reduction compared to traditional blast furnace methods.

Differentiator

Problem solved

Functional benefit

Products and services

• Green Hot Briquetted Iron (HBI) Certified low-carbon Hot Briquetted Iron produced via ENERGIRON direct reduction using a natural gas and green hydrogen mix. Approximately 70% of HBI output is sold to external offtake partners including Thyssenkrupp Materials Trading, INTERFER Edelstahl & Austria, and Glencore for European and global steel markets; ~30% is consumed internally at the Thailand plant.
• Green Hot Rolled Coil (HRC) Low-carbon flat steel hot rolled coil produced by melting green HBI and scrap steel in Electric Arc Furnaces (EAF) powered by renewable energy (solar, wind, hydropower) using Danieli DIGIMELTER with Q-ONE technology. Targeted at automotive OEMs (EV and traditional), construction, home appliances, and packaging sectors in Thailand and for export to Europe under CBAM regulations.
• DRI/HBI Production (Oman Plant) Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI) production facility under development in Duqm SEZ, Oman, with 2.5 million tonnes per annum Phase 1 capacity. Uses ENERGIRON technology, processing natural gas and green hydrogen blends with readiness to transition up to 90% hydrogen.
• EAF & Renewables Steel Plant (Thailand) Electric Arc Furnace (EAF) based green steel production plant under development in Rayong, Thailand, spanning 65 hectares in the IRPC eco-industrial zone. Designed as the first green flat steel plant in Southeast Asia with 2.5 million tonnes per year HRC capacity, powered by renewable energy and using Danieli DIGIMELTER Q-ONE and QSP-DUE thin slab casting and rolling technologies.

Quantifiable outcome

• Reduces CO2 emissions by over 70% (to under 600 kg/ton of steel) using initial 15% green hydrogen mix, compared to traditional blast furnace emissions of over 2,000 kg CO2/ton
• +5 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

19 partnerships are on record, tiered core and secondary.

• ValecoreStrategic or Co-development Partner · 30 March 2026Meranti's green iron complex will be developed within Vale's planned low-carbon steel mega hub in Duqm SEZ, Oman. Meranti will source feedstock from Vale's pelletising plant in Sohar, Oman, and produce HBI for export and downstream steel production.
• Millcon Steel PCLcoreStrategic or Co-development Partner · 24 March 2026MoU for collaboration on low-carbon steel making and green steel production development in Thailand. Both companies to collaborate on strategies to reduce greenhouse gas emissions and strengthen engagement with industry stakeholders on standards and guidelines.
• EYsecondaryImplementation/ SI/ Consulting Partner · 28 February 2026EY advising on the structure of Meranti's green iron project financing, combining international and local debt and equity participation alongside the banking group led by KfW IPEX-Bank.
• Integrated Gas Company (IGC)coreOthers · 24 February 2026Conditional gas allocation secured from Oman's Integrated Gas Company for Meranti's Duqm HBI project. IGC has implemented a new competitive gas framework with transparent pricing through tenders for large gas allocations supporting the steel and fertilizer industries.
• Thyssenkrupp Materials TradingcoreChannel Partner/ Reseller/ Distributor · 28 January 2026Offtake partnership for 1.0 million tonnes per annum of green HBI from Meranti's Duqm plant. Thyssenkrupp to focus on Germany, Belgium, and the Netherlands markets as a strategic partner for green steel intermediates.
• Amnah EnergycoreStrategic or Co-development Partner · 15 December 2025MoU for green hydrogen offtake for Meranti's 2.5 million tonne per year green iron facility at Duqm SEZ. Amnah Energy, a consortium of Copenhagen Infrastructure Partners, Blue Power Partners, and Al Khadra, developing a 200,000-tonne green hydrogen plant on a 320km² land block awarded under Oman's first public hydrogen auction.
• Jebsen & Jessen Industrial SolutionssecondaryTechnology or Integration · 10 December 2025German industrial solutions firm playing a key role in partnerships and financing support for Meranti's green iron venture in Oman.
• KingspancoreChannel Partner/ Reseller/ Distributor · 27 October 2025MoU for procurement of green steel in the APAC region. Kingspan to source green steel for its operations in APAC as part of its Planet Passionate programme targeting reduced carbon intensity of key raw materials including steel.
• BSI (British Standards Institution)coreStrategic or Co-development Partner · 15 April 2024MoU for advancing sustainability and compliance in steel production. BSI to provide training and competency building for implementing international standards, greenhouse gas emissions guidance per GHG Protocol, and certification processes for iron and steel making.
• Steelinvest NVsecondaryChannel Partner/ Reseller/ Distributor · 8 April 2024MoU for marketing and distribution of Meranti's Green HRC internationally. Steelinvest to provide trade finance opportunities and working capital support to facilitate the flow of Green HRC to end-users.
• INTERFER Edelstahl Handelsgesellschaft mbHcoreChannel Partner/ Reseller/ Distributor · 17 March 2024Offtake partnership for green HRC from APAC to Europe. INTERFER to focus on Italy and Austria markets. Includes collaborative branding and marketing activities, market acquisition, technical support, logistics, and legalization.
• GSWA (Green Steel of WA)coreStrategic or Co-development Partner · 5 December 2023Cooperation to jointly develop pelletizing, direct reduction, and green HBI operation in Western Australia. Anticipation of a Joint Venture for pre-engineering, site selection, and infrastructure preparation. Leverages Western Australia's ideal conditions: relevant ore, competitive natural gas, world-class renewable energy for green hydrogen.
• Anglo AmericancoreStrategic or Co-development Partner · 23 October 2023MoU for the supply of high-grade iron ore pellets and iron ore lumps as primary raw materials for Meranti's DRI operations. Includes collaboration on responsible shipping and advanced digital solutions for CO2 emissions reporting.
• GlencorecoreStrategic or Co-development Partner · 29 September 2023Partnership for supply of high-grade iron ore pellets and premium ferrous-based scrap metal, collaboration on shipment and logistics solutions, and development of risk management solutions. Glencore also signed offtake agreement for 0.5–1.25 million mt/year of green HBI from Oman (supply from 2030).
• Danieli & C. Officine Meccaniche S.p.A.coreTechnology or Integration · 14 August 2023Partnership for the development of a green steel plant in Thailand featuring ENERGIRON direct reduction technology (up to 90% hydrogen-ready), Danieli DIGIMELTER with Q-ONE technology for EAF processing of green energy, and Danieli QSP-DUE thin slab casting and rolling technology. Danieli has a workshop in Thailand for local manufacturing support.
• BIG (Bangchak Green Innovation)coreStrategic or Co-development Partner · 30 June 2023MoU for sustainable solutions including potential low-carbon Nitrogen and Oxygen supply, and collaboration on a future Green Hydrogen supply chain supporting one of the first green steel initiatives in the ASEAN region.
• GPSC (Global Power Synergy Public Company Limited)coreStrategic or Co-development Partner · 14 June 2023Strategic cooperation for renewable solutions including offsite solar and wind energy and a future green hydrogen supply chain for Meranti's green steel project in Thailand. Operations scheduled to commence in late 2027.
• Celano GmbHcoreTechnology or Integration · 19 January 2023MoU for digitalization solutions including real-time CO2 emission monitoring and CO2 data recording at the steel product level, process optimization, IT infrastructure, warehouse management systems, and development of future digital product passport (DPP). Work conducted in close cooperation with Danieli and its Automation team.
• Invest OmancoreOthersConditional investment permit secured from Invest Oman supporting Meranti's Duqm project development in Oman's Special Economic Zone.

Scale indicators10 records

Recent moves10 records

Expansion highlights7 records

Others

• Glencore: Global commodity trader and Meranti HBI offtake partner (0.5–1.25 mtpa) plus iron ore pellet and ferrous scrap supplier. Strategic counterparty rather than direct competitor, but deeply intertwined in Meranti's feedstock and off-take book.
• Danieli & C. Italian steel plant equipment supplier and Meranti's core technology partner (ENERGIRON DRI, DIGIMELTER Q-ONE EAF, QSP-DUE casting & rolling). Enables Meranti's architecture and supplies comparable tech to multiple green steel competitors globally.

Direct peers

• Salzgitter AG: German integrated steelmaker running the SALCOS program to convert to hydrogen-based DRI/EAF green steel by 2033. Directly comparable as a steel producer pursuing the same hydrogen-DRI plus EAF green steel pathway for the European market.
• Voestalpine: Austrian integrated steelmaker with its 'greentec steel' program to transition a blast furnace to hydrogen-powered DRI/EAF. Comparable European green HRC competitor and one of Meranti's target end-markets (Austria) via INTERFER.
• SSAB: Swedish steelmaker and pioneer of the HYBRIT fossil-free steel initiative using hydrogen-based DRI and EAF. Competes for the same European low-carbon HRC customers under CBAM.
• Steelforce: European low-carbon steel distributor and producer working with partners across the value chain. Listed on Meranti's partner page and active in distributing green HRC into European markets.
• Green Steel of WA (GSWA): Australian green HBI venture with which Meranti signed a cooperation MoU in December 2023 to jointly develop pelletizing, DRI, and green HBI operations in Western Australia. Directly comparable as an emerging green HBI producer leveraging WA iron ore and renewable resources.

Emerging players

• Stegra (formerly H2 Green Steel): Swedish greenfield green steel startup building a large-scale hydrogen DRI + EAF plant in Boden, targeting first steel in 2026. Closest analog to Meranti as a greenfield competitor using the same hydrogen-DRI/EAF architecture for European off-take.
• Boston Metal: US-based green steel startup using molten oxide electrolysis rather than DRI/EAF. Comparable as a well-capitalized private green steel venture targeting similar decarbonization thesis, though using a different primary technology route.

Broad incumbents

• Thyssenkrupp Steel Europe: Germany's largest steelmaker, parent of Thyssenkrupp Materials Trading (Meranti's largest HBI offtake partner at 1.0 mtpa). Both customer and competitor; incumbent pursuing its own 'tkH2Steel' hydrogen DRI transition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/merantigreen
• LinkedInlinkedin.com/company/meranti-green-steel
• Facebookfacebook.com/profile.php

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Meranti Green Steel