China’s Baosteel, Aramco ink pact on Saudi steel plate factory

china, saudi, aramco, steel, baosteel,
Saudi Arabia

China’s Baosteel, Aramco ink pact on Saudi steel plate factory

Baoshan Iron & Steel Co Ltd (Baosteel), China’s biggest listed steelmaker, said on Wednesday it had signed an initial pact with the world’s top crude oil producer Saudi Aramco to study building a steel plate factory in Saudi Arabia.

The nonbinding memorandum of understanding was one of a number of agreements state-controlled Aramco inked on Tuesday in a major expansion of its industrial investment programme.

In a filing to the Shanghai Stock Exchange, Baosteel said the companies planned to carry out a feasibility study on building a plant to make heavy steel plates, which are widely used in the construction industry.

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