World’s Top Steelmaker Signs Deal for Saudi Arabian Foundry

(Bloomberg) — China’s Baoshan Iron & Steel Co. Ltd. has joined forces with Saudi Aramco and the kingdom’s sovereign wealth fund to set up a steel plant in the Middle Eastern nation as the two countries deepen commercial ties.

The complex in Ras Al-Khair will churn out up to 1.5 million tons of steel plates annually, with output expected to start by 2026, the world’s largest steelmaker said on its WeChat account. The venture — Baosteel’s first full-process production base overseas — will have furnaces that cut carbon emissions.