Pinnacle Steel & Vanadium Corp. lead investor Heeney Capital has welcomed the official launch of the US$250 million redevelopment project to refurbish the former ArcelorMittal steel facility in Point Lisas, Trinidad and Tobago.

Work on the shuttered facility is underway through Pinnacle Steel & Vanadium Corp.’s local operating subsidiary, Ibis Steel Company of Trinidad and Tobago. The initial US$250 million investment will create 350 jobs during the refurbishment phase and 500 jobs during operations.

The ribbon-cutting ceremony took place on August 10, marking the official start of the project. The development is designed to transform the site into an advanced producer of steel and vanadium, with stated plans to be capable of supplying 100% of United States vanadium imports for manufacturing, infrastructure, energy storage, aerospace, and defense industries.

“Heeney invests in projects that strengthen Western industrial capacity and critical mineral supply chains,” said Henry Heeney, Co-Founder of Heeney Capital. “Pinnacle has the potential to become a critical source of steel and vanadium for the United States and allied markets, and we are proud to support its development.”

“This project has the ability to meaningfully move the needle for U.S. supply chains,” said Sean Pi, Co-Founder of Heeney Capital. “Reliable access to critical minerals like vanadium is increasingly important, and we believe this facility can play a significant role in supporting long-term industrial and economic security objectives.”
— Henry Heeney and Sean Pi, Co-Founders of Heeney Capital

Following the initial refurbishment, Pinnacle Steel and Vanadium plans a future project expansion backed by an additional US$500 million investment to create 1,000 total jobs at the revived industrial hub.

Read the full announcement: Heeney Capital Welcomes Launch of US$250 Million Pinnacle Steel and Vanadium Redevelopment Project in Trinidad and Tobago