POSCO, the world’s third-largest steel maker, is considering developing the most extensive steel project in Viet Nam using investment capital amounting to US$4.5 billion, the Ministry of Planning and Investment revealed.
POSCO, the world’s third-largest steel maker, is considering developing the most extensive steel project in
An agreement signed between Posco and the Viet Nam Shipbuilding Industry Group (Vinashin) in a
The plant will have an initial annual production capacity of 4 million tonnes and will reach its full output of 8 million in the second phase, the ministry said.
Once approved, the Korean steel giant will complete the feasibility plan within this year and begin construction in 2009, reaching completion in 2010.
In order to secure the project, Posco will form a venture with
Earlier this month Posco started constructing a $1.13 billion cold-rolled steel plant, scheduled to begin production in 2009 in the southern coastal oil-rich
The group is also building a $13.8 million steel processing facility in nearby
Viet Nam News was unable to reach Posco’s officials yesterday for an interview.
This project affirms the
Not the first development of its kind, last September the government licensed Taiwanese Tycoons Worldwide Steel to invest $1 billion in a steelworks factory in the Dung Quat Industrial Zone in the central
Overall, steel makers in the country had an annual production capacity of some 6 million tonnes by late last year, according to the Viet Nam Steel Association. However,
(Source: VNS)
