Posco Starts Building US$1.13Bln Steel Mill in Vietnam
Posco, the world’s third largest steelmaker from South Korea, August 1 kicked off construction of a 1.2 million tons rolling steel factory at a total cost of US$1.13 billion in southern Ba Ria- Vung Tau province, state media reported.
Once in place in December 2009, the facility will be among biggest cold rolled mills in the Southeast Asia region, said Hoang Trung Hai, Minister of Industry at the breaking ground ceremony.
The facility will help satisfy the increasing demand for high quality steel of Vietnam (of 13 per cent annually) and the southeast region which import nearly 30 million tons of steel each year, noted Posco General Director Lee Gu Taek.
In June, Posco started construction of a US$13.8 million steel processing center in southern Dong Nai province’s Nhon Trach 5 IP with annual designed capacity to process 100,000 tons of steel.
(New Hanoi, Labor)
Vietnamese
