Posco Plans to Build US$5 Bln Vietnam Steel Mill in 2009
The South Korean steelmaker Posco plans to start work on a proposed US$5 billion steel mill in Vietnam before April next year, the Thanh Nien Daily newspaper said.
Posco will submit the result of its feasibility study to the Vietnamese government in May, and hopes to receive approval in November, said Kim Jin Il, executive vice president in charge of the project at the Pohang, South Korea-based company.
The proposed plant is set to have an annual production capacity of 4 million metric tons, Kim said.
The company last May said it had signed an agreement with the Vietnam Shipbuilding Industry Group to examine building a mill in the Southeast Asian nation.
The Korean steelmaker teams up with Malaysia’s Lion Group and rivals in building steel factories in the Southeast Asian country as the country makes more appliances, machinery and erects more buildings.
Demand could increase to nine million tons this year from on million tons a decade ago, Lion Group said. (Bloomberg, Thanh Nien Daily Online)
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