Essar Group, led by Prashant Ruia, awaits final approvals to commence a $4.5 billion investment in a low-carbon steel plant at Ras Al-Khair, Saudi Arabia. The facility, expected to produce 4 million tonnes annually, aims to meet Saudi Arabia’s domestic steel demand amidst its growth phase. The project integrates gas-based DRI and EAF technologies and includes port facilities. Essar’s venture aligns with Saudi Arabia’s ambitions to become a hub for electric vehicle manufacturing, catering to steel needs for diverse industries.