CEO Abdulqader Al-Mubarak said that the company's investments are focused on horizontal and vertical growth and are in line with Saudi Arabia's strategy and vision for the steel sector.
This investment package underpins Hadeed's ambitious growth strategy, which aims to increase its annual steel production capacity to 10 million tonnes. In addition, Hadeed announced the signing of a Memorandum of Understanding (MoU) with Baosteel, one of China's largest steel producers. Baosteel is one of the largest steelmaking groups in China, recognised worldwide for its production of high quality steel products. This strategic co-operation is an important step forward to meet the increasing steel demands of Saudi Arabia's rapidly growing infrastructure projects.
Hadeed plans to increase its production capacity with a total investment of USD 6 billion and aims to contribute to major infrastructure projects in Saudi Arabia with this expansion. The investments aim to consolidate Saudi Arabia's leadership in the global steel market.
These strategic investments will play an important role in line with the country's economic diversification and sustainable development goals under Saudi Vision 2030. Hadeed's steps will accelerate Saudi Arabia's growth in industry and infrastructure, while enabling it to become a strong player in global steel production.
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