China's Baosteel officially signed a contract with Saudi Aramco and Saudi Arabian Public Investment Fund (PIF) to jointly build the world's first green, low-carbon, and full-process thick plate steel mill in Saudi Arabia.

Baosteel will own 50% of the joint venture, and Saudi Aramco and PIF will hold each 25% stake. The production capacity of the plant would be 2.5 million tons of direct reduced iron and 1.5 million tons of thick plate. This will be Baosteel's first full-process production base overseas. The mill was expected to be put into operation by the end of 2026.