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China's Baosteel increases investment in Saudi steel plate venture-2025 China (Guangzhou) Int'l Metal & Metall
urgy Industry Exhibition
7/30/2024 steel expo-metal & metallurgy expo |
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Chinese steelmaker Baosteel has announced that it has changed its investment plan for its Saudi steel plate venture with Saudistate-owned petroleum and natural gas company Aramco and Saudibased Public investment Fund (PlF) to be established in RasAlKhair lndustrial City. The company wil increase its investment in the venture to $1 bilion, equivalent to SAR 3.75 bilion, fromSAR 1.64 billion.
Baosteel will hold a 50 percent stake in the venture, while Aramco and PlF will hold a 25 percent stake each
The planned complex, which will be equipped with a direct reduced iron (DRl) furnace and an electric arc furnace. is anticipated tohave an annual steel plate production capacity of up to 1.5 million mt, as SteelOrbis previously reported
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