UK-based steelmaker J.O. Steel Holding PLC will invest $865 million to establish an integrated billet manufacturing plant in Saudi Arabia, according to a statement published at the London Stock Exchange.
The plant will have an annual production capacity of approximately 1.8 million mt and is expected to go into commercial production in the first quarter of 2025.
For the given investment, the company has secured a $692 million credit facility from a consortium of banks and financial institutions led by Saudi British Bank and will provide $173 million in equity.
The investment is in line with the Saudi government’s National Steel Strategy, which aims to expand Saudi flat steel production.