Saudi Aramco, China's Baoshan Iron & Steel Co., Ltd (Baosteel), and Saudi Public Investment Fund (PIF) on Monday signed a shareholders' agreement to establish an integrated steel plate manufacturing complex in Saudi Arabia. 

The joint venture complex would be located in Ras Al Khair Industrial City, one of the four new Special Economic Zones recently announced by the Kingdom, Saudi Aramco said in a statement. 

The complex would take advantage of Aramco's unrivaled energy and industrial services ecosystem, Baosteel's advanced steel plate industry capability, and PIF's strong financial capabilities and investment expertise. 

The complex is expected to improve the regional steel industry ecosystem with an estimated annual production capacity of up to 1.5 million tonnes. 

Amin H. Nasser, the Aramco president and CEO, said the facility is also expected to accelerate the localization of the steel supply chain in Saudi Arabia. 

Citing the project as evidence of Baosteel's commitment to explore lower-carbon paths for the steel industry and a major achievement in promoting the international development strategy of Baosteel, Zou Jixin, chairman of the steel company, said the project will contribute to job creation and economic prosperity in Saudi Arabia. 

(Source: Xinhua)