Economic Times reported that Essar Group plans to invest USD 4 billion in the construction of an integrated flat steelworks plant in Saudi Arabia over the next three years. The integrated flat steelworks plant with a capacity of 4 million tonnes per year will have continuous casting and hot strip capacity, 1 million tonnes of cold rolled coil capacity and a tin plate line. Two direct reduction iron facilities, each with a capacity of 2.5 million tonnes annually, will also be part of the new site.Essar’s General Manager for Corporate Planning Mr Amar Kapadia told ET that the facility is expected to start construction by the end of this year and be finished by the end of 2025.In October 2021, Essar and the Saudi Arabian National Industrial Development Centre signed a memorandum of understanding and in December, the Royal Commission for Jubail and Yanbu and Essar inked a land allocation agreement.
Economic Times reported that Essar Group plans to invest USD 4 billion in the construction of an integrated flat steelworks plant in Saudi Arabia over the next three years. The integrated flat steelworks plant with a capacity of 4 million tonnes per year will have continuous casting and hot strip capacity, 1 million tonnes of cold rolled coil capacity and a tin plate line. Two direct reduction iron facilities, each with a capacity of 2.5 million tonnes annually, will also be part of the new site.Essar’s General Manager for Corporate Planning Mr Amar Kapadia told ET that the facility is expected to start construction by the end of this year and be finished by the end of 2025.In October 2021, Essar and the Saudi Arabian National Industrial Development Centre signed a memorandum of understanding and in December, the Royal Commission for Jubail and Yanbu and Essar inked a land allocation agreement.
