Remarks by Amin H. Nasser at Baosteel-Aramco-PIF JV steel plate signing ceremony

Dearly Beloved, Honored Visitors, Ladies and Gentlemen,

It's a momentous day today.

The deal reached today to build the first integrated steel plate manufacturing complex in the Kingdom cements the bonds between dependable businesses, nations, and partners.

This plant in Ras Al Khair's recently designated Special Economic Zone would bring together Baosteel's outstanding technological capabilities and know-how, the PIF's top-notch investment fund, and Aramco's energy and industrial services supply chain network.

Because of the amazing support we have received from the government, particularly from the Shareek program and the Ministry of Investment, we have been able to form this strong and powerful coalition. They supported us while we overcame obstacles and prepared the ground for the contract we are signing right now.

Additionally, I want to express my gratitude to the Ministries of Energy and Industry and Mineral Resources for their unwavering and ongoing support.

This project is yet another example of how Vision 2030 and its related initiatives are altering the economic environment and making Saudi Arabia a more desirable location for both domestic and foreign businesses.

The Chairman Chen and President Hu of the China Baowu Group deserve my sincere gratitude for their steadfast assistance in making this a reality. In fact, this initiative marks yet another significant turning point in the development of our partnership with Chinese partners.

a collaboration that has significantly expanded, diversified, and developed strategic bilateral alliances from the sale of crude oil.

The joint venture ceremony held today with Aramco, which is investing heavily in China, and partners like Baosteel, which appreciate Saudi Arabia's investment appeal, is evidence of that.

The fact that this joint business is being supported by Aramco's "Namaat" Industrial Investment Program, which promotes diversification and localization in the Kingdom, makes me happy.

Due to the joint venture's products proudly bearing the "SAUDI MADE" label, it will also benefit Aramco's IKTVA localization initiative.

With an 80 percent Saudiization goal, it is also anticipated to generate an additional 1,800 direct and indirect jobs. It is also anticipated to replace annual imports, which are expected to total more than $1.3 billion once fully operational.

Nevertheless, this project's goal goes beyond simply satisfying local demand. It will eventually be able to export to international markets.

Importantly, this production facility will pave the way for steel production in the future with much lower carbon emissions.

The facility is intended to eventually create steel plates with up to 90% less CO2 emissions than the conventional production method by utilizing the most recent technologies to make them hydrogen-ready.

In fact, this facility may be able to point the way toward sustainability for industries that are difficult to debate.

Partnerships like the current joint venture between Baosteel, the Public Investment Fund, and Aramco can endure the test of time, much like steel is resilient and capable of doing so.

I'm grateful.