Essar enters pact with Brazil's Vale Intl for Saudi Arabi green steel project
steel imports into Saudi Arabia and the GCC region with its bouquet of products. As per the terms of the agreement, Vale will supply Essar with 4 million tonne per annum (mtpa) of DR grade pellets and briquettes.
Andre Figueiredo, Vale’s regional director, emphasized that the LoI represents the company's long-term commitment to support the growing demand for raw materials in the steel sector. Figueiredo also noted that Vale's high-grade iron ore products would offer advantages such as price competitiveness and a potential reduction in carbon footprint, particularly in the Middle East.
Figueiredo believes this could prompt the growth of the low CO2 emission steel industry. According to an Essar press release, the GSA project aims to be the region's first green steel initiative, setting global standards in CO2 emission reduction.
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