Essar to invest $4 bn in Saudi Arabia steel plant

In the next three years, the Essar Group plans to invest USD 4 billion in the establishment of an integrated flat steelworks plant in Saudi Arabia. The plant, which will cost Saudi Riyal 15 billion (USD 4 billion), is expected to begin construction this year and be completed by the end of 2025. The new integrated flat steelworks plant in Ras Al-Khair Industrial City on Saudi Arabia's east coast will have continuous casting and hot strip capacity, 1 million tonne of cold rolled coil capacity, and a tin plate line. The new facility will also include two direct reduced iron plants, each with a capacity of 2.5 million tonnes per year. Also read: Adani pledges shares valued at 13 bn PM launches projects worth Rs 31 billion in Surat