Riyadh – Mubasher: Saudi Arabian Oil Copmany (Aramco) has signed an initial pact with China-based biggest listed steelmaker Baoshan Iron & Steel (Baosteel) to consider building a steel plate factory in Saudi Arabia.
The non-binding memorandum of understanding (MoU) was one of several agreements Aramco penned mid-week in a major expansion of its industrial investment programme, Reuters reported on Thursday.
The two parties intend to carry out a feasibility study on building a facility to manufacture heavy steel plates that are widely used in the construction industry.
It is worth noting that Aramco signed a similar agreement with South Korea’s steel entity Posco in 2020.
