India’s ACME Group and Vietnam’s Stavian Industrial Metal have signed a binding term sheet for a ten-year supply agreement of 0.8 MTPA of green Hot Briquetted Iron (HBI) and Direct Reduced Iron (DRI).

The supply, made on a take or pay/supply or pay basis, will come from Phase 1 of ACME's planned 1.2 MTPA green HBI & DRI plant. The project will utilize Renewable Energy and Green Hydrogen from ACME's facility, resulting in some of the lowest carbon emissions globally for these steel inputs.

ACME Chairman Manoj Kumar Upadhyay said that the deal reflects ACME's commitment to clean technology and transitioning grey steel into green steel. Stavian Chairman David Nguyen Minh Tu stated the partnership supports net-zero goals for both Vietnam and India, meeting surging global demand for low-carbon steel.