Saudi Arabia is planning three new projects in the iron and steel sector worth 35 billion Saudi riyals ($9.31 billion), Saudi television channel Al Arabiya tweeted, quoting Minister of Industry and Mineral Resources Bandar AlKhorayef.

The three plants will have a capacity of 6.2 million tonnes, the minister told the Saudi International Iron and Steel conference in Riyadh on Tuesday.

Al Arabiya, quoting the minister, said the government is focussing on localisation of steel products with the aim of reducing imports by 50 percent.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)