Posco Mulls US$500 Mln Steel Mill in Vietnam
Posco Speciality Steel, an affiliate of South Korea’s Posco Group, is planning to invest US$500 million in building a steel factory in Vietnam, the Dau Tu newspaper said, citing Seony Hyun UK, Posco SS general director.
The South Korean company will develop the project on an area of 130 hectares at Phu My II Industrial Park in southern Ba Ria-Vung Tau province, the newspaper said.
The facility is scheduled to turn out one million tons of steel a year, including shaped steel and steel bars.
Posco SS will import more than one million tons of steel scrap and use 42,000 tons of domestic steel scrap to feed the operation of the mill.
“Vietnam now has not had any large-scale shaped steel factory and the country has to import a large volume of steel ingot annually,” said Seony Hyun UK when explaining about the project.
When operational, the Posco SS steel plant will contribute to stabilize domestic prices of shaped steel and meets domestic demand for the product. (Investment)
Vietnamese
