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The nonbinding memorandum of understanding is one of several agreements signed by saudi state oil giant Aramco on Tuesday in a massive development of its industrial investment program, according to Metal News.
Bao Steel, China's largest steelmaker, said in a statement to the Shanghai stock market that the companies plan to conduct feasibility studies of the construction of the heavy steel plate factory, which has extensive application in the construction industry. In the same vein, it signed a similar agreement with South Korea's Giant Poscoe last year.
Bao Steele also announced that the agreed cooperation is a road for the Chinese government in accordance with Saudi Arabia's Horizon 2030 program and the One Belt Initiative. Thus, Saudi Arabia's Horizon 2030 program is a plan to diversify the country's economy and distance itself from oil, the Belt and Road Initiative, as well as Chinese President Xi Jinping's trade and infrastructure program.
International activity and construction of steel mills abroad was always part of the company's long-term strategy, according to Reuters.
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