UK based JO Steel Holdings has secured USD 692 million credit facility from a consortium of banks and financial institutions led by Saudi British Bank to establish an integrated billet manufacturing plant within Ras Al-Khair Industrial City in the Kingdom of Saudi Arabia. Another USD 173 million will be provided in equity by the company through convertible warrants. The proposed steel mill, to be located north of Jubail on the eastern coast of Saudi Arabia, will have an annual production capacity of approximately 1.8 million tonnes and is expected to go into commercial production in Q1 of 2025.Representatives from JO Steel Holdings are expected to sign a land lease agreement to that effect with the Royal Commission for Jubail and Yanbu in September. The investment is in line with the Saudi government’s National Steel Strategy, which aims to expand Saudi flat steel production according to Saudi Vision 2030.JO Steel Holdings is a steel-manufacturing holding company incorporated under the laws of the United Kingdom. It currently owns shares in various steel plants located in South Asia and Africa. Belgian industrialist Mr Javed Opgenhaffen has a 92% stake in the company.