Saudi Arabia invests in steel plants & EV battery plants to reduce dependence on oil
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Update time : 2022-05-11 19:13:52
The Ministry of Industry and Mineral Resources of Saudi Arabia has invested around US$6 billion to build new steel plate and hot-rolled coil mills and an electric vehicle battery factory. The purpose of this investment was to avoid the domestic economy being overdependent on oil and increase industrial diversity.
The new hot-rolled coil mills will have two direct reduced iron (DRI) equipment with an annual capacity of 2.5 million tons each and two electric furnaces for the production of flat steel billets with a total annual capacity of 3 million tons. These new plants will produce hot-rolled coils and tinplate.
However, the details for the electric vehicle battery factory haven't yet been announced.
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