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A new US$4 billion Rajhi steel facility was opened King Abdullah Economic City (KAEC) in Rabigh.
The new Rajhi steel complex will cover four million sq in the industrial area at KAEC and will contain a number of plants including a direct reduction iron plant with a capacity of 1.8 million tonnes a year. It will create 1,500 direct jobs and 3,000 indirect jobs.
The complex will supply a variety of stainless steel products required for many industries including car industry, gas and steam powered turbines and industrial bearings.
The Ministry of Petroleum and Mineral Resources has signed an agreement to supply 70 million cubic feet a day of dry gas to Rajhi Steel.
The complex will include a hot briquetted iron plant with a capacity of 650,000 tons a year and a melt shop with a capacity of 2 million tons a year.
The firm will later offer 50 per cent of the new project to the public through an initial public offering.