Saudi Arabia’s largest steel producer Hadeed has announced that it has signed a letter of intent with the national shipping company of Saudi Arabia, Bahri, to explore potential cooperation in maritime transport.
The agreement was signed on the sidelines of the Future Minerals Forum held in Riyadh and is aimed at supporting Hadeed’s iron ore shipping requirements.
Focus on iron ore logistics and vessel development
Under the letter of intent, the two companies will assess possible joint opportunities in maritime logistics. This includes evaluating the potential development and construction of new vessels tailored to Hadeed’s operational and technical requirements within the Kingdom.
Hadeed stated that the initiative is in line with Saudi Arabia’s broader objectives to strengthen industrial and operational integration and to localize value chains.