China Firm Mulls US$130Mln Steel Mill in Northern Vietnam
Shengli Investment and Development Ltd Co. of China is seeking permission to construct a US$130-million steel processing plant in the northern province of Thai Binh, said Zhang Chun Min, head of Shengli’s board of management.
In the first phase, Shengli will invest US$50 million on the 20-hectare facility with expected capacity of one million of steel each year in the province, Zhang Chun Min noted.
In the second phase, the factory will double its capacity in the next phase which needs additional US$80 million to expand to 55 ha.
Vietnam imports up to 3.5 million tons of steel sheets annually, said Vietnam Steel Association, noting that the current demand for this kind of steel is 4-4.2 million tons per year.
The country’s demand for steel sheets is estimated to expect to reach 4.7 million tons in 2010, 7.2 million tons in 2015 and 10.2 million tons in 2020, offering much room for international players to enter. (Thanhnien Online)
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