Baoshan Iron & Steel Co., Ltd. (Baosteel) signed a memorandum of understanding (MoU) with Aramco, the world's largest oil producer, on Sept 7, intending to build an internationally-leading full-process thick plate plant in Saudi Arabia.
The signing is a key step for Baosteel to push forward its internationalization strategy. The company will play a role in the project's design and construction, production and operation, and technology research and development, taking advantage of its profound strength and rich experience in the steel industry.
The innovative technologies to be adopted in the project include Direct Reduced Iron (DRI) in Electric Arc Furnace (EAF), which is expected to reduce the project's carbon footprint.
The project will set an example for future international steel cooperation projects as more efforts are made to reach peak carbon dioxide emissions and achieve carbon neutrality.
At the signing ceremony, Aramco announced its latest industrial investment expansion plan, which focuses on building capacity in four key areas - sustainability, technology, industrial and energy services and advanced materials - in order to promote economic growth and diversified development.
The thick plate plant project is a key part of the investment plan.
The project is also part of Baosteel's efforts to take part in Belt and Road construction and deepen exchanges and cooperation in the areas of equipment, technology and management with countries and regions that are also participating in the Belt and Road Initiative.
Through this project, Baosteel and Aramco will establish a capital tie, strengthen mutual trust and deepen their strategic cooperation.
(Executive editor: Niu Yilin)