Arcelor Mittal to Build Saudi Steel Mill
Arcelor Mittal will build a steel mill in Saudi Arabia to supply the oil industry. The company will hold 51% of a joint venture with the Bin Jarallah group to construct a seamless tube plant in the eastern Saudi city of Jubail that could churn out 500,000 metric tons of steel tubes and pipes a year. Building of the plant will begin at the end of 2008’s first quarter and should be complete by the end of 2009.
State-run Saudi Arabian Oil Co., or Saudi Aramco, will be one of the mill’s key customers, according to Arcelor Mittal. Aramco plans to spend $50 billion over the next five years to build more refineries in Saudi Arabia and other parts of the world and boost the kingdom’s refining capacity by as much as 60% over this period.