China's Baosteel doubles investment in steel plates in Saudi Arabia to $1B

25/07/2024 Argaam

China's biggest listed steelmaker, Baoshan Iron and Steel Co. (Baosteel) has doubled its investment in the steel plate manufacturing complex in Saudi Arabia to reach $1 billion.
 

According to Bloomberg, the company announced that it will own a 50% stake in the joint venture. Saudi Aramco and the Public Investment Fund (PIF) have also doubled their investments to $500 million each, giving them each a 25% stake in the project.
 

The project, which has an annual production capacity of 1.5 million tons of steel plates, will focus on supplying the oil and gas industries, shipbuilding, and construction sectors in the Middle East and North Africa region, as stated in the disclosure.
 

According to available data from Argaam, Saudi Aramco, Baosteel, and PIF signed a shareholders' agreement in May 2023 to establish the largest integrated steel plate manufacturing complex in the Kingdom.

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