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Saudi Arabia announced Monday three projects in the iron and steel sector with a value of 35 billion Saudi riyals (9.3 billion U.S. dollars), the Saudi Press Agency reported.
The kingdom is working with local and international investors to establish a variety of investment opportunities in the sector, announced Bandar Al-Khorayef, Saudi minister of industry and mineral resources, at the second edition of the Saudi International Iron and Steel Conference.
He said that Saudi priorities include localizing steel products of all types, such as heavy iron sheets for the oil and gas sector, defense and construction sectors, as well as tinplate steel for the canned food sector.
It is also working on reducing imports by 50 percent, with an emphasis on maintaining a financially and operationally sustainable sector and ensuring the availability of critical supply chains, such as iron ore.
The three projects being constructed are with a combined production capacity of 6.2 million tons worth around 35 billion riyals, he added.
One of the projects is an integrated iron sheet production focusing on shipbuilding, oil pipes and platforms, as well as enormous oil reservoirs, he revealed.
Another one being negotiated with international investors entails building an integrated iron surface production complex to serve the sectors of automotive, food packaging, household appliances, and water transportation pipe.
Additionally, a factory will be established to produce circular iron blocks for the oil and gas industry's unwelded iron pipes, according to the minister. (Xinhua)
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