Trinidad, China Sign Megabuck Steel Deal

The Trinidad and Tobago government on Monday signed a multi-million dollar deal agreement with China which would see the setting up of three steel manufacturing plants in Trinidad.

The deal was signed based on the product output of a newly-established company in Port of Spain, Alutrint Limited, which is an aluminum smelter plant, and the China-based National Machinery and Equipment Import and Export Corporation (CEMEC).

The pact is expected to effectively shift the island´s dependence away from oil and gas and further fuel economic growth. As a result, three steel manufacturing companies will be created, an automotive parts and car wheel plant, a rod mill and a barbed wire and cable company.