Saudi Iron and Steel Company (Hadeed) announced investments and acquisitions worth SAR 25 billion. Hadeed CEO Abdulqader Al-Mubarak said that the investment was in line with Saudi Arabia’s strategy and vision for the steel industry. 

Hadeed wants to increase its annual steel production capacity to 10 million tons and this investment will ensure that this goal is achieved.

In addition, Hadeed also announced the signing of a memorandum of understanding (MoU) with Baosteel, one of China's largest steel producers. The strategic partnership is an important step towards meeting Saudi Arabia’s steel needs for rapidly growing infrastructure projects.

As Saudi Arabia’s largest steel producer, Hadeed will accelerate Saudi Arabia’s growth in industry and infrastructure while making it a strong player in global steel production.