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India’s Essar Group plans to invest 15 billion Saudi riyals ($4 billion) to establish an integrated flat steelworks plant in Saudi Arabia’s Ras Al-Khair Industrial City in the next three years, India’s English language business newspaper The Economic Times reported.
The four-million tonnes per annum plant is scheduled to break ground by year-end and will be completed by end-2025, the report said, adding that it will have continuous casting and hot strip capacity, cold rolled coil capacity, a tin plate line, and two direct reduced iron (DRI) plants.
(Writing by D Madhura; Editing by Anoop Menon)
