$110Mln Steel Mill to Open in Jul

A rolled steel mill costing $110 million in the first phase will be put into operation in July this year in southern Ba Ria-Vung Tau province’s Phu My I Industrial Park.

 

The new facility, developed by Thep Viet Company, will supply 950,000 tons of steel to the Vietnamese market each year.

 

The company plans to inject $380 million in the second phase, scheduled for 2009-2010, to build a 600,000 ton ingot smelting furnace, with the Phu My Port capable of handling 2 million tons a year and an operating rolled steel mill with annual capacity of 1.2 million tons.

 

Thep Viet targets to join the securities market this year in order to raise investment capital for expanding production and business activities. (Financial Times)