Arcelor Mittal to build seamless tube mill in Saudi Arabia
Last Update: 15/02/2007 20:35:32 AP - Arcelor SA and Mittal Steel Co., which have agreed on a combination that would rank as the world's largest steel producer, said Thursday they would build a steel mill in Saudi Arabia to supply the oil industry. The companies said they would hold 51 per cent of a joint venture with the Bin Jarallah group to construct a seamless tube plant in the eastern Saudi city of Jubail on the Persian Gulf that could churn out 500,000 metric tons of steel tubes and pipes a year. State-run Saudi Arabian Oil Co., or Saudi Aramco, will be “one of the key customers” of the mill, Arcelor and Mittal said. 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 per cent over this period. Construction of the Saudi steel mill will start at the end of next year's first quarter and should be complete by the end of 2009, Mittal and Arcelor said. The mill should employ 420 people. Arcelor and Mittal will manage and operate the facility but some of the funding will come from the Saudi Investment Development fund. The companies did not say how much or give details on the total cost of the project.
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