Saudi Aramco announced on 1 May that it has signed a shareholders’ agreement with sovereign wealth fund PIF and China’s Baoshan Iron & Steel (Baosteel) to develop a major steel manufacturing plant in the kingdom.
The partners intend to establish the kingdom’s first integrated steel plate manufacturing complex at the expanding industrial hub of Ras al-Khair, which is located around 60km up the Gulf coast from the Jubail downstream hub. It is planned to have steel plate production capacity of 1.5mn t/y and will be equipped with a natural gas-based direct reduced iron (DRI) furnace and an electric arc furnace. (CONTINUED - 977 WORDS)
