Posco Plans US$4.5Bln Steel Mill in Central Vietnam
Posco, the world’s third largest steelmaker from South Korea, is seeking permission to construct a hot-rolled steel mill worth US$4.5 billion in Vietnam’s central Khanh Hoa province, state media reported.
The facility, expected to be built near the province’s Van Phong bay, is designed to have annual capacity of four million tons in the first phase and eight million tons afterwards.
The Vietnam Shipbuilding Industry Corporation (Vinashin) is expected to contribute 30 per cent of the total investment for the plant.
The plant’s pre-feasibility study will be completed within the year and to be kicked off in 2008, said a Posco official, noting that the project is expected to be operational by 2010.
Vietnam is predicted to consume some 10 million tons of steel a year by 2010, 16 million tons by 2015 and 20 million tons by 2020, with domestic production making up 61 per cent, 62 per cent and 70 per cent, respectively. (Investment)
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