Essar Group Awaits Final Approvals for $4.5 Billion Low-Carbon Steel Plant in Saudi Arabia

Essar Group is on the verge of launching a $4.5 billion low-carbon steel plant in Saudi Arabia, pending final approvals. The project aims to meet local steel demand and tap into the evolving electric vehicle sector. The plant, taking three years to complete, marks Essar's first steel venture outside India.

Essar Group is on the brink of securing final approvals for a $4.5 billion investment in establishing a low-carbon steel plant in Saudi Arabia, according to top official Prashant Ruia. The Saudi Arabian plant will have a capacity of four million tonnes per year and is expected to start shortly after receiving the necessary approvals.

The facility, located in Ras Al-Khair, aims to meet domestic steel demands and supports Saudi Arabia's growing ambition to become an electric vehicle manufacturing hub, with plans to produce more than 3 lakh cars annually by 2030.

Essar Group's investment in Saudi Arabia underscores its commitment to decarbonization and green mobility. The project is its first steel venture outside India and signifies a new chapter following its debt resolution and divestment of the Hazira plant in Gujarat. Additionally, Essar plans to build two dedicated berths at the Ras Al-Khair port to facilitate its operations.

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