Baosteel plans to double its investment in a steel plate joint venture in Saudi Arabia to $1bn.

Baosteel, China's largest listed steelmaker, plans to double its investment in a steel plate joint venture in Saudi Arabia to $1 billion from $437.5 million, after signing agreements with Saudi Aramco and the PIF in May. The venture, with a 50% stake held by Baosteel, will have a designed annual capacity of 2.5 million tonnes of direct reduced iron and 1.5 million tonnes of steel plate.