Slovenia-based steelmaker Slovenian Steel Group (SIJ) has reached an agreement with the Saudi Arabian government to build an electrical steel plant in Saudi Arabia, marking SIJ’s first overseas investment, according to media reports.
The $1.54 billion investment project will be financed mostly by the Saudi Arabian government, with SIJ providing its know-how and high-tech solutions. Apart from an electrical steel plant, a premium hot rolled strip plant will also be established under the project, which will be implemented jointly by SIJ and Saudi engineering company Wahaj in the industrial hub of Ras Al-Khair.
The project is expected to be operational by 2029.
