Baoshan Iron & Steel or Baosteel (SHA:600019) boosted its investment in a steel plate joint venture with oil giant Saudi Aramco and the Saudi Public Investment Fund, according to a Thursday filing with the Shanghai Stock Exchange.
The filing said the current plan will see Baosteel invest $1 billion in Saudi Heavy Plate Co., more than double the previous amount of $437.5 million.
Baosteel will continue to hold 50% of the JV with Aramco and the Saudi fund holding 25% each, the filing said.
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