International Steel Mills
May 2, 2023
Aramco, Baosteel Ink Deal to Build Saudi Plate Plant
Saudi Arabian energy company Aramco, the Public Investment Fund (PIF), and China’s Baoshan Iron & Steel (Baosteel) signed an agreement on May 1 to build a steel plate manufacturing facility in Saudi Arabia.
The operation is expected to have a plate production capacity of up to 1.5 million tons per year, Aramco said. It will be equipped with a natural gas-based, direct-reduced iron (DRI) furnace and an electric-arc furnace, aiming to reduce CO2 emissions by up to 60% vs. a traditional blast furnace, the company added.
