SIJ Group to Establish €1.5 Billion Steel Plant in Saudi Arabia

23 January, 2025 by
SIJ Group to Establish €1.5 Billion Steel Plant in Saudi Arabia
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Slovenska Industrija Jekla (SIJ), Slovenia's leading steel producer, has entered into a €1.5 billion agreement with the Saudi Arabian government to develop a cutting-edge steel manufacturing facility in Ras Al-Khair. The plant is slated to begin operations by 2029 and will focus on producing electric steel and high-quality hot-rolled coils.

This strategic partnership aligns with Saudi Arabia's Vision 2030 initiative, aiming to diversify the nation's economy and strengthen its industrial sector. The Saudi government will primarily finance the project, underscoring its significance to the country's economic development. SIJ will contribute advanced technological solutions and expertise to the venture.

Slovenia's Minister of Finance, Klemen Boštjančič, highlighted the project's importance, noting that it represents the largest single foreign investment by a Slovenian company. He also indicated that this initiative could pave the way for other Slovenian enterprises, particularly those involved in the automotive industry's green mobility efforts, to explore opportunities in Saudi Arabia.

SIJ Group is recognized as one of Europe's foremost producers of stainless and specialty steels and stands as Slovenia's largest vertically integrated steel manufacturer. This expansion into Saudi Arabia signifies a pivotal step in SIJ's global growth strategy and reinforces its commitment to delivering high-quality steel products to international markets.

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