Stavian Industrial Metal and ACME Group sign binding terms for green steel offtake agreement

Stavian Industrial Metal and ACME Group sign binding terms for green steel offtake agreement

Under the agreement, the parties will proceed to an exclusive off-take contract for the Southeast Asian market, with Stavian Industrial Metal taking 800,000 tonnes per year of green steel for 10 years.

The BOD of Stavian Industrial Metal and ACME Group sign binding terms for a long-term Green Steel Offtake Agreement. — Photo courtesy of Stavian

Stavian Industrial Metal JSC and India's ACME Group have signed binding terms for a long-term green steel (HBI and DRI) off-take agreement in the United Arab Emirates (UAE).

ACME Group is globally recognised for its large-scale solar power, green hydrogen, green ammonia, low-carbon materials and low-emission transportation projects.

Under the agreement, the parties will proceed to an exclusive off-take contract for the Southeast Asian market, with Stavian Industrial Metal taking 800,000 tonnes per year of green steel for 10 years.

The products will be produced at ACME’s Green Steel Plant in Duqm, Oman, with a capacity of 1.2 million tonnes per year (phase 1), using entirely renewable energy and green hydrogen, with CO2 emissions below 150kg per tonne of steel – among the lowest in the world.

With strong resources and a global network of over 20,000 partners across more than 100 countries, Stavian Industrial Metal is positioning itself as a full-service industrial metals supplier and a pioneer in green, sustainable development in Việt Nam and the region.

Chairman of Stavian Industrial Metal David Nguyễn Minh Tú said: “The partnership between Stavian Industrial Metal and ACME is not merely a commercial agreement, but a testament to our shared commitment to realising the Net Zero goals by 2050 for Việt Nam and by 2070 for India.”

Chairman of ACME Group Manoj Kumar Upadhyay said: “These binding terms reflect the shared vision and concrete actions of both parties for a low-carbon and sustainable future. This marks an important milestone, beginning ACME’s expansion into the green steel sector.”

The global green steel market is growing rapidly as governments and major corporations push decarbonisation, driving strong demand across key industries. Leading economies are investing in advanced technologies to cut emissions and secure sustainable steel supply.

In this context, the Stavian–ACME partnership creates long-term commercial opportunities and highlights Việt Nam’s emerging role in the global green metals supply chain. 

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