Baosteel, Aramco to jointly build steel plate plant in Saudi Arabia

The world’s largest oil production company, Saudi Aramco, has signed an MoU with the world’s largest steel producer, Baosteel, to jointly build an integrated heavy steel plate plant in Saudi Arabia. The project entails construction of related supporting facilities and shall produce high-end heavy plate products. The cooperation is “in line with Saudi Arabia’s ‘Vision 2030’ and the Chinese government’s ‘One Belt, One Road’ initiative,” Baosteel declared in a statement.