Chinese steelmaker Baosteel has announced that it has changed its investment plan for its Saudi steel plate venture with Saudi state-owned petroleum and natural gas company Aramco and Saudi-based Public Investment Fund (PIF) to be established in Ras Al-Khair Industrial City. The company will increase its investment in the venture to $1 billion, equivalent to SAR 3.75 billion, from SAR 1.64 billion.
Baosteel will hold a 50 percent stake in the venture, while Aramco and PIF will hold a 25 percent stake each.
The planned complex, which will be equipped with a direct reduced iron (DRI) furnace and an electric arc furnace, is anticipated to have an annual steel plate production capacity of up to 1.5 million mt, as SteelOrbis previously reported.