The $700-million plant will produce 600,000 metric tons of pipes a year for the oil and petrochemical industry, the Abha- based newspaper reported, citing Mohammed al-Jabr, ArcelorMittal’s managing director in Saudi Arabia. Al-Jabr was formerly the vice president of Saudi Basic Industries Corp.’s steel unit, according to the report.
The company plans to invest up to $3 billion in Saudi steel projects over the next five years and is conducting studies to build a factory north of Jubail at Ras al-Khair, where the government is forming a mining hub, al-Jabr told the newspaper.
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