India’s Essar to build $4bln integrated steel plant in Saudi Arabia

saudi,arabia,india,steel,integrated
Saudi Arabia

India’s Essar to build $4bln integrated steel plant in Saudi Arabia

India’s Essar Group plans to invest 15 billion Saudi riyals ($4 billion) to establish an integrated flat steelworks plant in Saudi Arabia’s Ras Al-Khair Industrial City in the next three years, India’s English language business newspaper The Economic Times reported.

The four-million tonnes per annum plant is scheduled to break ground by year-end and will be completed by end-2025, the report said, adding that it will have continuous casting and hot strip capacity, cold rolled coil capacity, a tin plate line, and two direct reduced iron (DRI) plants.

(Writing by D Madhura; Editing by Anoop Menon)

([email protected])

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022