Partnership
Aramco x Baosteel x PIF (Saudi Steel JV)
Aramco, Baosteel, and Saudi Arabia's Public Investment Fund (PIF) signed a shareholders' agreement to establish the first integrated steel plate manufacturing complex in Saudi Arabia, located in Ras al-Khair Industrial City. The facility will have a capacity of 1.5 million tons per year with a natural gas-based DRI furnace to reduce CO2 emissions by 60%.
joint venture · Announced · just announced
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890d8694-841c-4eee-b456-3feee3ee2e0e- Type
- joint venture
- Status
- Announcedjust announced
- Announced
- 2023-05-013.4 years ago
- Active for
- 3.4 years
Who’s involved
[Baosteel Group](https://www.baosteel.com) (SSE: 600019) is a Chinese state-owned steel manufacturer headquartered in Shanghai, and a subsidiary of [China Baowu Steel Group](https://en.wikipedia.org/wiki/Baowu), the world's largest steelmaker. Baosteel operates multiple production bases with a combined annual steelmaking capacity of 80 million metric tons. The company is a pioneer in AI-driven steelmaking, having deployed 994 industrial robots across its operations (216 robots per 10,000 employees) and developed the world's first AI-powered 'smart blast furnace' in collaboration with [Huawei](/companies/huawei) and Baosight Software. Baosteel's 'lights-out' cold-rolling factory in Shanghai operates fully automated since 2019.
Most-frequent partners
Off-registry parties
- Aramco · co developer
- Public Investment Fund (PIF) · investor partner
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