ArcelorMittal's Saudi plant to start operations in H1 2012
13 Sep 2011
ArcelorMittal, the world's largest steel-maker, expects to start production at its new steel plant at Jubail, in Saudi Arabia, in the first half of 2012.
The $700 million plant has a capacity to produce 600,000 tonnes of pipes annually for the oil and petrochemical industry, the Arabic daily Al-Watan reported, citing ArcelorMittal's managing director in Saudi Arabia, Mohammed Al-Jabr.
Over the next five years, ArcelorMittal plans to make investments to the tune of $3 billion in Saudi steel projects.
The company plans to conduct feasibility studies for setting up a factory north of Jubail at Ras Al-Khair, where the government is setting up a mining complex, the report quoted Al-Jabr as saying.
In February 2007, ArcelorMittal said it would hold 51 per cent in a joint venture with the Bin Jarallah group for the construction of a seamless tube plant in Jubail, which would fabricate 500,000 tonnes of steel tubes and pipes annually.
