Foreign Consortium to Build US$1.15 Bln Steel Project in Vietnam

The Industrial Parks Management Board of southern Ba Ria Vung Tau province has granted license to a foreign consortium to carry out a US$1.15-billion steel project in the province, the online financial website Vietstock said, citing the board’s sources.

 

The consortium of Taiwan’s China Steel, Japan’s Sumitomo Metal Industries and other foreign investors has set up a joint stock company, China Steel Sumikin Vietnam, to carry out the 109-ha project in the My Xuan A2 Industrial Park.

 

Once operated in 2013, the project will have an annual designed capacity of 1.6 million tons of steel products, including hot rolled steel, cold rolled steel and steel sheet, which will mainly be supplied for automakers, shipyards, and consumer electronics makers in Vietnam and other Southeast Asian nations. (vietstock.com.vn)