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Baowu and Aramco mull steel plate plant in Saudi Arabia

ABSTRACT

The world’s top steelmaker China Baowu Steel Group signed a Memorandum of Understanding (MoU) with the world’s top crude oil producer Saudi Aramco through its Shanghai-listed arm - Baoshan Iron & Steel Co (Baoshan Steel), planning to build an integrated heavy plate steel mill in Saudi Arabia, Baoshan Steel disclosed on September 9.
“The signing of MoU is a key move for us to explore internationalization,” Baoshan Steel stated, and under the MoU signed on September 7, the two parties will “conduct an engineering study and develop plans needed to build, own and operate an integrated steel plate manufacturing facility in Saudi Arabia”,

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