India’s Essar Group expects to get final approvals by June 2024 to build a $4 billion low-carbon steel plant in Ras Al-Khair, Saudi Arabia, Bloomberg reported, citing Prashant Ruia, director of Essar Capital.
Essar Capital manages the group’s portfolio of investments.
The plant will have a production capacity of four million tonnes per year, he said, adding the company has set a three-year timeline to build the project.
The facility will meet growing domestic demand for steel, the report added.
In September 2022, Essar announced plans to invest 15 billion Saudi riyals ($4 billion) to establish an integrated flat steelworks plant in Ras Al-Khair Industrial City.
(Writing by P Deol; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.