Essar to invest $4 bn in Saudi Arabia steel plant

Over the next three years, the Essar Group plans to invest $4 billion in establishing an integrated flat steel mill plant in Saudi Arabia. The plant, which will cost Saudi Riyal 15 billion (USD 4 billion), is expected to begin construction this year and be completed by the end of 2025. The new integrated flat steel mill plant in Ras Al-Khair Industrial City on the east coast of Saudi Arabia will have continuous casting and hot stripping capacity, a capacity of 1 million tons of cold rolled coils and a tin plate line. The new facility will also include two directly reduced ironworks, each with a capacity of 2.5 million tons per year.