# Aramco x Baosteel x PIF (Saudi Steel JV): partnership

Canonical ID: `890d8694-841c-4eee-b456-3feee3ee2e0e`

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%.

- **Type:** joint venture
- **Status:** announced
- **Verification posture:** reported (press-release-only)

## Parties (3)

- [Baosteel Group](https://registry.deploy.report/companies/baosteel.md) technology provider
- Aramco _(off-registry)_ co developer
- Public Investment Fund (PIF) _(off-registry)_ investor partner

## Timeline

- **Announced:** 2023-05-01

## Sources (1)

1. https://www.aramco.com/en/news-media/news/2023/aramco-baosteel-and-pif-sign-agreement


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