On Monday, China’s largest listed steelmaker, Baoshan Iron and Steel Co (600019. SS), announced a joint venture with Saudi Aramco (2222. SE) and Public Investment Fund (PIF) to manufacture steel plates.
Baosteel stated that Saudi Aramco, PIF, and it will each own 25% of the joint venture.
It claimed the joint venture would develop a steelmaking manufacturing facility in Saudi Arabia with a 2.5 million-tonne direct reduction iron and 1.5 million-tonne steel plate capacity, subject to regulatory clearance.
The announcement says Baosteel will open the production base by 2026.
It said the project’s direct reduction iron furnace and natural gas-powered electric arc furnace would lower carbon dioxide emissions by over 60% compared to blast-furnace steelmaking.
China Baowu Steel Group owns Baostseel.
