Baosteel
Assembly Line
China's Baosteel to boost investment in steel plate in Saudi to $1 billion
China’s biggest listed steelmaker, Baoshan Iron and Steel Co, said on Thursday that it will more than double its investment in a steel plate joint venture in Saudi Arabia to $1 billion from around $437.5 million previously.
Baosteel, a subsidiary of the world’s largest steelmaker China Baowu Steel Group, signed agreements in May with Saudi Aramco and the Saudi Public Investment Fund (PIF) to build a steel plate manufacturing joint venture.
Baosteel holds 50% in the joint venture, while Saudi Aramco and PIF will take 25% stake each.