Saudi Minister of Industry and Mineral Resources Bandar al-Khoraef announced that three investment projects worth more than $9 billion will be implemented in the kingdom's steel sector, according to the Saudi News Agency (SPA).
The projects will have a total production capacity of 6.2 million tons of finished rolled steel.
One of the projects was the construction of an integrated complex for the production of sheet steel with a capacity of 1.2 million tons per year. The metallurgical complex will focus on shipbuilding, oil pipes and platforms, as well as huge oil reservoirs, the SPA said.
“During his opening speech at the Saudi International Conference on Metallurgy and Steel, Al-Khoraef said that negotiations are underway with international investors on another project that involves the construction of an integrated complex for the production of steel surfaces with an annual capacity of four million tons of hot-rolled steel and one million tons of cold-rolled steel, as well as 200,000 tons of coated steel and other metal products,” the message says.
The complex is designed to serve the automotive, food industries, the production of household appliances and pipes for transporting water.
"In addition, a plant with a production capacity of one million tons per year will be created, which will become the main introduction of non-welded steel pipes in the oil and gas industry," SPA noted.
