This photo taken on May 22, 2024 shows a "light-out" factory of Baosteel in east China's Shanghai. (Xinhua/Gong Bing)
BEIJING, July 26 (Xinhua) -- Baosteel (600019.SH) announced on Thursday that the company's board of directors has passed an important resolution, agreeing to adjust the investment plan to jointly establish a thick plate company with Saudi Arabian Oil Co. (Saudi Aramco) and Saudi Arabia's Public Investment Fund (PIF).
The total investment of the project reached 4.54 billion U.S. dollars (approximately 32.92 billion yuan), aiming to build a world-leading green and low-carbon thick plate plant in Saudi Arabia.
The plant will have a designed capacity of 2.5 million tonnes of direct reduced iron, 1.67 million tonnes of steel and 1.5 million tonnes of thick plate annually, and is expected to mainly serve the oil and gas, shipbuilding, offshore engineering, and construction industries in the Middle East and North Africa.
According to the latest announced investment plan, Baosteel will invest 1 billion U.S. dollars (approximately 7.25 billion yuan), holding 50 percent of the joint venture's equity. Saudi Aramco and PIF will each invest 500 million U.S. dollars (about 3.62 billion yuan), each holding a 25 percent stake. The registered capital of the joint venture company totals 2 billion U.S. dollars (nearly 14.5 billion yuan).
This strategic move marks a solid step for Baosteel in international cooperation and the field of green and low-carbon manufacturing.
(Edited by Tian Shenyoujia with Xinhua Silk Road, tianshenyoga0524@163.com)
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