India’s
Essar Group expects to get final approvals by June 2024 to build a $4 billion
low-carbon steel plant in Ras Al-Khair, Saudi Arabia, Bloomberg reported,
citing Prashant Ruia, director of Essar Capital.
Essar Capital manages the group’s portfolio of
investments.
The plant will have a production capacity of
four million tonnes per year, he said, adding the company has set a three-year
timeline to build the project.
The facility will meet growing domestic demand
for steel, the report added.