Saudi Arabia plans to build three steel plants for nearly $10 billion

Saudi Arabia plans to build three steel plants for nearly $10 billion

One of the projects is the construction of an integrated complex for the production of sheet iron with a capacity of. The focus is on shipbuilding, oil pipelines and platforms, and huge oil reservoirs.

Saudi Arabia plans to build three steel plants for nearly $10 billion

The Ministry of Industry and Mineral Resources of Saudi Arabia is working with local and international investors to create various investment opportunities for the development of the iron and steel industry in the Kingdom.

This was announced by the head of the department, Bandar Al-Khoraef, according to the Saudi Press Agency.

According to him, three projects with a total production capacity are now planned to be implemented 6.2 million tons and cost about 35 billion rials (about $9.2 billion).

It is noted that one of the projects is the construction of an integrated complex for the production of sheet iron with a capacity of 1.2 million tons per year, which focuses on shipbuilding, oil pipelines and platforms, and huge oil tanks.

The second project is being negotiated with international investors. The annual capacity of this enterprise will be 4 million tons of hot-rolled products, 1 million tons of cold-rolled products, 200,000 tons of galvanized steel and other products. The complex will meet the needs of the automotive industry, the sector for the production of pipes for the water industry, manufacturers of packaging for the food industry and household appliances.

The third plant with an estimated capacity of 1 million tons per year will produce blanks for the production of seamless pipes for the oil and gas industry .