International Steel Mills

Aramco, Baosteel Ink Deal to Build Saudi Plate Plant
May 2, 2023
Saudi Arabian energy company Aramco, the Public Investment Fund (PIF), and China’s Baoshan Iron & Steel (Baosteel) signed an agreement on May 1 to build a steel plate manufacturing facility in Saudi Arabia.
The operation is expected to have a plate production capacity of up to 1.5 million tons per year, Aramco said. It will be equipped with a natural gas-based, direct-reduced iron (DRI) furnace and an electric-arc furnace, aiming to reduce CO2 emissions by up to 60% vs. a traditional blast furnace, the company added.
Aramco noted that it would be the first facility of its kind in Saudi Arabia and the Gulf Cooperation Council (GCC), which also includes Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
“The Kingdom’s first steel plate production facility is expected to enhance Saudi Arabia’s steel industry ecosystem and improve supply chain localization,” Amin H. Nasser, Aramco president and CEO, said in a statement.
Aramco said the agreement is subject to customary regulatory approvals and closing conditions.
PIF is the sovereign wealth fund of Saudi Arabia.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in International Steel Mills

CRU: Bids made for Ilva assets
The Italian government has received 10 offers for the former Ilva integrated steel works at Taranto, but only two bidders are interested in purchasing all of the company’s assets.

Global steel production declined through August
August marked the second-lowest monthly production rate this year, down 13% from the two-year high of 166.6 million mt in March.

Algoma Steel assesses viability of US sales in wake of 50% S232 tariffs
Canadian flat-rolled steelmaker Algoma Steel is reconsidering its presence in the US market after the doubling of US Section 232 tariffs on imported steel to 50%, a company spokeswoman said.

Nippon plans to double steel output at USS operations: Report
Now that it has acquired U.S. Steel, Nippon Steel is planning a significant expansion of its US operations, including the construction of a new mill and more than doubling its steel output.

Global steel mill output steady through May
Global raw steel production rose 2% from April to May, slightly above average production levels seen in recent months, according to data recently released by the World Steel Association (worldsteel).