USD 4.5 Billion Steel Plant to Be Established in Ras Al Khair
The factory will significantly increase the domestic supply of steel for the Kingdom’s industrial boom.
Indian multinational conglomerate Essar Group is set to construct a USD 4.5 billion low-carbon steel manufacturing plant in the Eastern port town of Ras Al Khair through its domestic Green Steel Arabia arm. The land for the facility has already been acquired, with Essar now awaiting final approvals from relevant authorities.
The new plant - which will be Essar Group’s first steel works outside India - will extend over 1,000 acres in the industrial port, and will produce four million tonnes of steel per year for Saudi’s domestic construction market.
As Saudi Arabia continues to undergo an industrial boom, the cost of said industry continues to rise, with Riyadh recently classified as the most expensive city for construction in the Middle East.
Though the plant is predicted to take three and a half years to complete, its domestic production of steel will help to fulfill the soaring demand for the raw building material. From locally-produced electric cars to serious infrastructure projects, a consistent supply of steel to Saudi is a cornerstone of many of its Vision 2030 goals.
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