Saudi Arabia - Latest news GMK Center

The new facility in Dammam will have an initial capacity of 150 ktpa with further expansion

GCC countries can play an important role in decarbonizing global steel industry

Indian pipe manufacturer approves $118 million strategic investment

Investments in the project will amount to €1.5 billion

The project has the potential to produce up to 12 million tons of direct reduced iron (CBI) per year

The company is actively expanding in the Saudi Arabian market

The company will develop requirements for the complex for the production of 4 million tons of steel products per year

By increasing steel production, the country plans to meet a significant increase in domestic demand

The deal is expected to close by the end of the first quarter of 2024

The enterprise is planned to be commissioned by the end of 2026

The initial capital of the new company will be $50 million

The company signed a memorandum of understanding with the National Center for Industrial Development of Saudi Arabia