Saudi Arabian Oil Co. (Saudi Aramco) has signed a memorandum of understanding (MoU) with Japan-based Nippon Steel and Sumitomo Metal Corporation (NSSMC), Sumitomo Corporation, and Sumitomo Corporation Saudi Arabia Ltd. to conduct a feasibility study for an integrated steel mill in Ras Al Khair.

 

The project will produce steel plates, Aramco said in a statement on Wednesday.

 

“The presence of the new steel mill will reduce costs, delivery time, and offer better customer service to the local market,” said Ahmad Al Sa’adi, Aramco’s senior vice president of Technical Services. 

 

The project aims to boost local manufacturing under Aramco’s In-Kingdom Total Value Add Program (IKTVA), launched in 2015, the statement added.

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