Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to USD300mn into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40% by buying new shares and converting debt to equity, the people said. The final terms of the deal have not been agreed and the plans could change, the people said. The PIF wants to use the ArcelorMittal plant to build Saudi Arabia’s position as a supplier of pipes for the energy sector as part of its plans to support non-oil industries, it said in a strategy document published last year.