Aramco, PIF and Baosteel enter into major steel-focused partnership ...United Arab Emirates

Aramco and the Public Investment Fund (PIF) have joined forces with Baosteel, the world’s largest steel conglomerate, to establish an integrated steel plate manufacturing complex in the Kingdom. It is set to provide a production capacity of up to 1.5m tonnes per year. Subject to customary regulatory approvals and closing conditions, the joint venture (JV) complex will be built in Ras Al-Khair Industrial City, one of the four new special economic zones recently announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairs. It will be the first facility of its kind in the Kingdom (a

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