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)

(anoop.menon@lseg.com)

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