NEWS
Essar embarks on groundbreaking green steel initiative
F oulath Subsidiary , Bahrain Steel , a leading producer and global supplier of high-grade iron-ore pellets , has partnered with multinational conglomerate Essar Group in the supply of iron ore pellets to the Green Steel Arabia ( GSA ) project through signing a letter of intent ( LOI ).
Through this partnership , Bahrain Steel will deliver 4 million tonnes of DR-grade pellets per annum ( mtpa ) to Essar Group . Bahrain Steel is the only GCC-owned pellet producer and leading supplier of high-quality DR-grade pellets to all integrated steel producers in the region .
The Essar project is set to be the region ’ s first Green Steel project aiming to set the global benchmark in the reduction of CO 2 . The project will have a direct reduced iron ( DRI ) capacity of 5.0 mtpa , comprising two modules of 2.50 mtpa each , and 4.0 mtpa hot strip capacity , as well as 1.0 million tonnes of cold rolling capacity along with galvanizing and tin plate lines . In line with the Kingdom ’ s ongoing demand for steel products and the targets set by Vision 2030 , the facility will cater to all major steel-consuming industries including construction , oil & gas , automotive , packaging and general engineering .
Commenting on the partnership , Mr Dilip George , Group CEO of Foulath Holding , said : “ We are proud to collaborate with Essar Group to support their pioneering project for setting up the first green steel project in Saudi Arabia , where there is a growing focus on sustainable development .”
BIM software market to be worth $ 11.64 Billion by 2027
T he global Building Information Modelling ( BIM ) Software Market is projected to grow at a CAGR of 19.41 % from 2020 to 2027 , according to a new report published by Verified Market Research . The report reveals that the market was valued at US $ 2.82 billion in 2019 and is expected to reach US $ 11.64 billion by the end of the forecast period .
As businesses and governments increasingly recognise the enormous potential of this technology to enhance decision-making for constructed assets , the global Building Information Modeling ( BIM ) Software Market is expected to flourish . The architecture and construction industries have undergone a revolution thanks to BIM ’ s ability to extract , exchange and network computer files . The offerings of the software have drawn people , companies and governmental organisations involved in the design , construction , operation and maintenance of physical infrastructures like roads , railways , bridges and more .
The market has grown significantly as a result of ongoing technological breakthroughs . Cloud-based solutions are enabling greater user inter-coordination , data management on remote servers and accessibility and collaboration . The 3D model-based methodology has been crucial in drawing in the world market for BIM software .
The BIM Software Market is expected to grow rapidly over the upcoming years , with a good outlook . Market share will increase as organisations place more emphasis on resource management to enhance product outputs . Additionally , BIM technology advances and its numerous applications in various industries would promote ongoing market growth .
10 www . intelligentbuild . tech