Al Thaaly emphasized that the investment is not a coincidental initiative, stating:
“This project was developed as the result of a strategic planning process driven by the high levels of heavy steel plate consumption in the Kingdom. Nearly all of this material was being imported. Therefore, the investment aims to directly contribute to Aramco’s local content score by increasing the share of domestic production.”
Al Thaaly stated that this single project would increase the company’s local content ratio by more than 6%, highlighting the critical role heavy steel plates play in the country’s industrial infrastructure:“This strategic material feeds the nerve endings of the Kingdom’s industrial system particularly in terms of Aramco’s supply chain. Currently, many of our suppliers and projects source this material from outside the country. That’s why we developed the idea of bringing its production into the Kingdom.”
Al Thaaly explained that following a comprehensive evaluation process, they formed a partnership with Baosteel, one of the world’s leading steel producers from China, and that the investment is supported by the Public Investment Fund (PIF).
Al Thaaly noted that the investment was realized with the support of the Ministry of Industry and Mineral Resources and other government entities, adding that the project is considered one of the key pillars of the National Steel Strategy.
Finally, Al Thaaly emphasized that the heavy steel plate investment will enhance Aramco’s supply chain resilience, localize production, increase the local content ratio, positively impact on gross domestic product, and create new employment opportunities.
“This project will not only benefit Aramco, but also guide the Kingdom’s industrialization journey as a strategic investment that directly serves the goals of Vision 2030.’’
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