SeAH CSS to Set Up Joint Venture with Aramco Subsidiary in Saudi Arabia
Posted on 10 September 2021
SeAH CSS, a subsidiary of SeAH Besteel, announced on Sept. 8 that it will establish Saudi Arabia's first stainless steel seamless pipe and tube plant in cooperation with Dussur, a subsidiary of Saudi Aramco.
SeAH CSS and Dussur will invest US$120 million in the joint venture in a 6:4 ratio. They will attract US$110 million from the Saudi Industrial Development Fund (SIDF) and local financial institutions.
The joint venture will be located in King Salman Energy Park (SPARK), a new city in eastern Saudi Arabia that is being fostered by Aramco as an international hub for the energy industry.
They will break ground for the factory in early 2022 and start commercial production at the plant in 2025. The plant, when completed, will produce 17,000 tons of high value-added stainless steel pipes and tubes annually.Source : Business Korea