Energy titan Saudi Aramco, the country’s sovereign wealth fund Public Investment Fund (PIF) and Chinese state-owned Baosteel have signed an agreement to set up a steel plate manufacturing complex in the Middle Eastern country, according to a statement on May 1.

Slated to be the first facility of its kind in the country and broader Gulf region, it aims to enhance the domestic manufacturing sector by localising the production of heavy steel plates and spurring industrial exports. It is expected to produce up to 1.5 million tonnes of steel plates per year.

“The kingdom’s first steel plate production facility is expected to enhance Saudi Arabia’s steel industry ecosystem and improve supply chain localisation,” Aramco president and CEO Amin H Nasser said in the statement. It will be located in one of Saudi Arabia’s four new special economic zones, Ras al-Khair Industrial City.

JSW Steel expands in Ohio

India’s JSW Steel has invested $119.4m to upgrade its steel plant in the US state of Ohio with new equipment and technology to spur job creation, according to a May 2 announcement by JobsOhio, the state’s economic development company.

The company, which made the investment via its US subsidiary, expects to create 26 new jobs as it looks to better serve the renewable energy market. The expansion was announced in collaboration with Ohio Southeast Economic Development, Jefferson County Port Authority and the State of Ohio. 

In the announcement, Ohio’s governor Mike DeWine said the investment demonstrates JSW Steel’s “confidence to grow its global footprint with talent from Ohio” and the expansion will bring “good-paying jobs to Jefferson County while helping secure a stronger domestic supply chain for steel manufactured in the US”. 

IRP Systems opens R&D centre in Spain

Israeli electric powertrain company IRP Systems said on May 2 that it will open a new office in Barcelona, Spain, to serve as its European research and development (R&D) centre.

IRP’s decision to establish such a centre in Europe is in line with its strategy to localise operations to reduce lead times, provide immediate support and R&D services, and streamline supply chain processes. It has another office in India outside of its headquarters in Israel.

”We are expanding our global footprint into one of the world’s most important e-mobility markets,” IRP’s CEO, Moran Price, said in the statement, adding that the company aims to “attract top talent from the automotive industry and strengthen our capabilities on the way to making electric vehicles the new norm”.

And finally: the European Investment Bank is guaranteeing up €200m worth of financing to be provided by Spanish bank BBVA to support start-ups and stimulate innovation.