The steel complex would be built in Ras Al Khair Industrial City on Saudi Arabia’s east coast.
SEATTLE (Scrap Monster): India’s Essar Group announced plans to build a 4 million tonnes per annum (mtpa) in Saudi Arabia. This is regarded as the largest foreign direct investment (FDI) in Saudi Arabian steel industry. The groundbreaking of the mammoth flat steel plant is scheduled to be held by this year end, with construction expected to be completed by end-2025.
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According to Amar Kapadia, Corporate Planning General Manager, Essar Group, the investment-friendly environment in Saudi Arabia prompted the company to make such a huge investment. Furthermore, he appreciated the collaborative approach of various Saudi government ministries including the Royal Commission of Jubail and Yanbu, Invest Saudi, the National Industrial Development Centre and related entities.
The formal project application by Essar Group is currently under investigation by the Saudi Industrial Development Fund (SIDF), the final approval of which is expected over the next few months.
The steel complex would be built in Ras Al Khair Industrial City on Saudi Arabia’s east coast. In addition to continuous casting and hot strip, cold rolled coil capacities, the complex will also feature a tin plate line and two direct reduced iron plants. The total investment is estimated at around $4 billion.
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