Slovenian leading electric steelmaker SIJ Group has signed a $1.54 billion agreement to build a specialized plant in Saudi Arabia, the company’s first investment outside Slovenia.
The Slovenian Ministry of Finance said in a statement that the project is part of the long-term industrial development plan in Saudi Arabia, and will be mainly financed by the Kingdom of Saudi Arabia, with SIJ providing the necessary technological solutions.
The project includes the establishment of electric steel production and the manufacture of high-quality rolled strips in Ras Al-Khair, an industrial hub in southeastern Saudi Arabia, and the plant is expected to start operating by 2029.
