Tel : 0086-0371-86172891
Tel : 0086-0371-86172891
Baosteel will hold a 50% stake in a Saudi joint venture located in Ras Al Khair Industrial City, an economic zone on the northeast coast of Saudi Arabia SAE J2340 210A steel. Ras Al Khair is one of the five special economic zones in Saudi Arabia and will become the mineral and metal center of the Kingdom. The district also participates in providing convenience for the global shipping industry. In May of this year, Baosteel signed an agreement to establish a joint venture with state-owned oil companies Saudi Aramco and Saudi Public Investment Fund. These two Saudi companies will each hold 25% of the shares. Baosteel SAE J2340 210A steel initially agreed to inject $437.5 million into the joint venture, and announced on Thursday that it will increase this figure to $1 billion. Saudi Arabia is deepening its economic ties with China and seeking overseas investment to help it achieve its Vision 2030 plan and reduce its dependence on oil SAE J2340 210A steel.
