China-based Baoshan Iron and Steel Co., Ltd (Baosteel), the listed subsidiary of China Baowu Group, has announced that it has signed a non-binding memorandum of understanding with Saudi Arabia-based oil company Aramco to jointly conduct a feasibility study on building a steel plate plant in Saudi Arabia.
The plant will produce heavy steel plates used in the construction industry.
This intended cooperation is in line with Saudi Arabia’s “Vision 2030” strategy and the Chinese government’s “One Belt, One Road,” initiative.
Baosteel stated that building overseas steel plants has always been the company’s long-term strategy.