Essar Group awaits final approvals for $4.5B low-carbon steel plant investment in Saudi Arabia, targeting EV manufacturing growth.

Essar Group awaits final approvals to invest $4.5 billion in a low-carbon steel plant in Saudi Arabia, with a planned capacity of 4 million tonnes annually. The Indian conglomerate will also develop port facilities at Ras Al-Khair. The steel plant will address domestic demand in Saudi Arabia, as the country aims to become an electric vehicle manufacturing hub, aiming to produce over 300,000 cars by 2030.