A plan to build a 2.5mn tonne per annum steel plant in Sur has been put on hold, in view of sluggish steel prices in global markets and the economic slowdown caused by the slackness in oil prices. The company’s plan was to use direct reduction iron (DRI) and scrap metals on a certain portion for the manufacturing process to annually produce 2.5mn tonnes of special steel and rebars for both domestic consumption and exports. “It is not taking off (now) because of the recession. People are not investing in steel,” said P.T. Sivarajan, director of operations at Sun Metals, which was to build the factory. Sivarajan said that the company has already returned the industrial land, which was set aside for building the factory, to the Public Establishment for Industrial Estate (PEIE). (Times of Oman)