Posco-Viet Nam Ltd held a ground-breaking ceremony for its US$1.13 billion steel rolling facility, the largest of its kind to date in Viet Nam, on Wednesday.
Posco-Viet Nam Ltd held a ground-breaking ceremony for its US$1.13 billion steel rolling facility, the largest of its kind to date in
The two-phase project in the southern oil-rich
The first phase is estimated to cost $361 million. It will manufacture 700,000 tonnes of cold-rolled products annually from 2009.
Cold-rolled steel is used to make different types of roofing and steel sheets used in construction, industry, and mechanical engineering.
Posco will also start construction of a hot-rolled steel facility in the complex in 2010.
Estimated to cost $767 million, it will be designed to produce three million tonnes annually.
All the plants’ products will be sold in the local market and neighbouring countries.
The South Korean-owned Posco Group is also building a $13.8 million steel processing facility in nearby
The group submitted the plan to the Vietnamese Government in July 2006, and started work on it a short year later.
Located in Nhon Trach 5 Industrial Park, it will produce 100,000 tonnes per year once it goes on stream in June 2008. Its feed stock will come partly from the Ba Ria-Vung Tau complex.
Steel makers in the country had a combined annual production capacity of some 6 million tonnes by late last year, according to the Viet Nam Steel Association.
(Source: VNS)
