BRIEF-Aramco, Baosteel And PIF Sign Agreement To Establish Integrated Steel Plate Manufacturing Complex In Saudi

SAUDI ARABIAN OIL CO: * ARAMCO, BAOSTEEL AND PIF SIGN AGREEMENT TO ESTABLISH FIRST INTEGRATED STEEL PLATE MANUFACTURING COMPLEX IN SAUDI ARABIA

* SUBJECT TO CUSTOMARY REGULATORY APPROVALS AND CLOSING CONDITIONS, JOINT VENTURE COMPLEX IS EXPECTED TO BE LOCATED IN RAS AL-KHAIR INDUSTRIAL CITY, * FACILITY IS EXPECTED TO HAVE A STEEL PLATE PRODUCTION CAPACITY OF UP TO 1.5 MILLION TONS PER YEAR

* PROJECT AIMS TO ENHANCE DOMESTIC MANUFACTURING SECTOR THROUGH LOCALIZING PRODUCTION OF HEAVY STEEL PLATES * FACILITY WOULD ALSO BE EQUIPPED WITH A NATURAL GAS-BASED DIRECT REDUCED IRON (DRI) FURNACE AND AN ELECTRIC ARC FURNACE

* DRI PLANT WOULD BE COMPATIBLE WITH HYDROGEN WITHOUT NEED FOR MAJOR EQUIPMENT MODIFICATIONS Source text for Eikon: Further company coverage: