Essar Shipping’s parent organizations – Essar group is all set to invest $4 billion in setting up an integrated flat steelworks plant in Saudi Arabia in the next three years. The plant, which will cost Saudi Riyal 15 billion ($4 billion), is scheduled to break ground by this year-end and be completed by the end of 2025. The new 4-million tonnes per annum integrated flat steelworks plant will have continuous casting and hot strip capacity, 1-million tonnes of cold rolled coil capacity, and a tin plate line in Ras Al-Khair Industrial City on Saudi Arabia's east coast. The new facility will also have two direct reduced iron plants, each with a 2.5-million tonnes a year capacity.
Essar had signed a memorandum of understanding with the Saudi Arabia's National Industrial Development Centre (NIDC) in October 2021, and an agreement with the Royal Commission for Jubail and Yanbu (RCJY) for land allocation in December.
Essar Shipping is a part of Essar Group. The company is in to business of shipping and logistics with a focus on transportation solutions for the global energy business.
