(Reporting by Judy Hua, Amy Lv and Dominique Patton, Editing by
Louise Heavens)
BEIJING, May 1 (Reuters) - China's biggest listed
steelmaker, Baoshan Iron and Steel Co , said on
Monday it has signed agreements with Saudi Aramco and
Public Investment Fund (PIF) to build a steel plate
manufacturing joint venture.
Baosteel will take 50% stake in the joint venture, while
Saudi Aramco and PIF will take 25% stake each, Baosteel said in
a statement.
The joint venture will build a steelmaking manufacturing
base in Saudi Arabia, with the designed annual capacity of 2.5
million tonnes of direct reduced iron and 1.5 million tonnes of
steel plate, it said, adding that the project remains subject to
regulatory approval.
Baosteel aims to put the manufacturing base into operation
by the end of 2026, according to the statement.
The project will be equipped with a direct reduced iron
furnace and an electric arc furnace fueled by natural gas, which
will reduce carbon dioxide emissions by over 60% compared to the
blast-furnace-based steelmaking process, it added.
Baostseel is a subsidiary of China Baowu Steel Group, the
world's largest steelmaker.
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