The Essar Group is looking to make an investment of USD four billion for setting up an integrated flat steelworks plant in Saudi Arabia in the next three years.
The plant will cost SAR 15 billion (USD four billion) is scheduled to break ground by the end of 2022. The project is expected to be completed by the end of 2025.
The new four-million tpa integrated flat steelworks plant will have continuous casting and hot strip capacity, one million tonne of cold rolled coil capacity, and a tin plate line in Ras Al-Khair Industrial City.
The new facility will also have two direct reduced iron plants, each with a 2.5 million tpa a year capacity.
Essar inked a memorandum of understanding with the Saudi Arabia's National Industrial Development Centre (NIDC) in October 2021, and an agreement with the Royal Commission for Jubail and Yanbu (RCJY) for land allocation.