Local Firm Kicks off Vietnam's Biggest Steel Complex Project

Vietnam’s Nghi Son Cast Iron & Steel Joint Stock Company Thursday [March 6] started to build a two-phase steel complex at a total cost of VND8 trillion (US$500 million) in northern central Thanh Hoa province, state media reported.

 

The 170-ha complex, set to cover 170 hectares in Nghi Son Economic Zone, is the largest such project in Vietnam.

 

The investment capital for the project comes from five domestic companies, namely, An Hung Tuong Steel Joint Stock Co., Licogi 16, Ho Chi Minh City-based PetroVietnam Finance Company branch, Bac Ha Investment Joint Stock Co. and Thanh Viet Investment Fund Management Co.

 

The first phase will cost VND1.5 trillion and 50 hectares is scheduled to be completed in the fourth quarter of 2009 with steel ingot output of 750,000 tons a year. The second phase is scheduled to start in 2010 with a VND6.5 trillion investment to raise the capacity to 2.25 million tons.

When fully operational, the complex is expected to supply hot rolling steel for the construction industry and steel panels for shipbuilding. (Investment, VNA)