SHANGHAI, Sep 8 (SMM) - Baosteel and Saudi Aramco, the world’s largest oil producer, have signed a memorandum of understanding on September 7 to build a world-class company in Saudi Arabia which will produce heavy plate.

Baosteel stated that this project is an important measure for the company to participate in the Belt and Road initiative and continuously deepen exchanges and cooperation with the countries alongside in equipment, technology and management.

The project mainly includes the construction of a full-process heavy plate plant and related supporting facilities, targeting at high-end products.