The BOD of Stavian Industrial Metal and ACME Group sign the binding terms for the long-term Green Steel Off-take Agreement on October 6.
Stavian Industrial Metal and India’s ACME Group have signed binding terms for a long-term green steel (HBI and DRI) off-take agreement, marking a strategic step towards low-carbon industrial transformation in Asia.
Under the terms, the two companies will proceed to an exclusive off-take contract for the Southeast Asian market, with Stavian Industrial Metal set to purchase 800,000 tonnes of green steel annually over the next ten years. The products will be manufactured at ACME’s Green Steel Plant in Duqm, Oman, which has a capacity of 1.2 million tonnes per year in its first phase, using renewable energy and green hydrogen, achieving CO₂ emissions below 150 kilograms per tonne of steel, among the lowest globally.
Stavian Industrial Metal conducts a site visit to ACME Group’s Green Steel and Green Hydrogen project in Oman
ACME Group is a leading Indian renewable energy enterprise, known for large-scale projects in solar power, green hydrogen, green ammonia, low-carbon materials and sustainable transport.
Leveraging its strong financial capacity, global ecosystem of over 20,000 partners in more than 100 countries, 10 factories, 40 logistics centres and 30 international offices under Stavian Group, Stavian Industrial Metal aims to reinforce its role as a comprehensive industrial metals solution provider and a pioneer of sustainable development in Vietnam and the region.
David Nguyen Minh Tu, Chairman of Stavian Industrial Metal, said at the signing: “This partnership is not merely a commercial deal, but a joint commitment to realising Net Zero targets, by 2050 for Vietnam and 2070 for India. With our strong foundation and extensive network, Stavian Industrial Metal is confident in bringing world-standard green steel products to global markets, contributing to the sustainable transformation of the metal industry.”
Manoj Kumar Upadhyay, Chairman of ACME Group, noted: “These binding terms reflect the shared vision and concrete actions of both parties for a low-carbon and sustainable future. We are proud to collaborate with Stavian Industrial Metal as the long-term off-take partner for our HBI and DRI products under the Green Steel Project in Duqm.”
Representatives of Stavian Industrial Metal and ACME Group pose for a photo after the signing ceremony, marking an important milestone in their strategic partnership
The green steel market is expanding rapidly amid tightening climate commitments and decarbonisation policies worldwide. Governments and corporations across Europe, the United States and China are heavily investing in hydrogen-based direct reduction and enhanced steel scrap recycling to cut industrial carbon emissions.
This growing global demand, driven by sectors such as automotive, aerospace, renewable energy, shipbuilding and construction, is pushing the steel industry toward sustainable transformation.
Against this backdrop, the partnership between Stavian Industrial Metal and ACME underscores both companies’ strategic foresight and reinforces Vietnam’s role in the international green metals supply chain.
