Baosteel more than doubles investment in Saudi Arabian steel JV

Baoshan Iron & Steel Co., Ltd. (Baosteel) announced that it will more than double its investment in a Saudi Arabian steel plate joint venture with Saudi Aramco and the Saudi Public Investment Fund (PIF).

Baosteel will increase its investment in the steel JV to USD1 billion for a 50% stake, with Saudi Aramco and PIF respectively increasing investment to USD500 million, each for a 25% stake.

The steel JV will have an annual production capacity of 2.5 million tonnes of direct reduction iron, 1.67 million tonnes of crude steel and 1.5 million tonnes of steel plate, mainly used for oil and gas industry, shipbuilding, marine engineering and construction in the Middle East and North Africa.