Aramco, PIF and China’s Baosteel sign agreement to build Saudi steel plate complex – The National

Aramco, PIF and China’s Baosteel sign agreement to build Saudi steel plate complex – The National

Saudi Aramco, the world's largest oil-producing company, the Public Investment Fund and China's Baoshan Iron and Steel (Baosteel) have signed an agreement to build the kingdom's first steel plate manufacturing complex.

The complex is projected to have an annual production capacity of up to 1.5 million tonnes annually and will be built in Ras Al Khair Industrial City, one of the four new special economic zones recently announced by Saudi Crown Prince Mohammed bin Salman, the three companies said on Monday.

The complex will feature equipment mindful of the environment, including an iron furnace that runs on natural gas and emits 60 per cent less carbon emissions than traditional furnaces. Its compatibility with hydrogen could increase this to 90 per cent.