1:54:28 PM | 20/6/2007
Hanoi-based Van Loi Co., Ltd and Ha Tinh Minerals & Trade Corp. kicked off construction of a cast iron and steel factory at total investment of VND1.7 trillion (US$106.25 million) in central Ha Tinh province, state media reported on Monday.
The mill, covering 35 hectares of land at Vung Ang Economic Zone, is set to produce 500,000 tons a year.
The first phase of the project is estimated to cost VND870 billion (US$54.38 million) to churn out 250,000 tons a year.
When operational in the fourth quarter of 2008, the new facility is expected to reduce by 15 per cent of Vietnam’s annual steel ingot imports, generate revenues of VND5 trillion (US$312.5 million) a year and create more than 2,000 jobs. (www.baomoi.com)