Shengli Investment and Development Limited Company has signed a memorandum of understanding to build the 20ha facility at a cost of $50 million for the first phase.
The plant would be designed to churn out one million tons of steel per year in the
The company plans to pump $80 million more into expanding the facility on an additional 35ha, raising its production capacity to two million tons annually.
Project launch formalities are expected to be completed soon.
At the top of the list is a $3.5 billion steel complex by
Both sides singed a memorandum of understanding in May, agreeing raise the project in the central
The facility aims to produce 4.5 million tons of steel products per year.
Essar Global Limited, another Indian steel marker, has joined forces with VSC and Vietnam Rubber Group to build a $527 million hot-rolled steel mill in Ba Ria-Vung Tau Province, a coastal area near
Around half its output will be supplied to cold-rolled steel plants and zinc-coating factories, and the rest for manufacturing steel pipes and structures.
Posco is also looking to build a separate integrated steel mill in the country.
Dongkuk Steel Mill Co., another leading South Korean steel firm, is also considering investing in the Vietnamese steel industry.
The Korean firms view
Steel makers in the country had a combined annual production capacity of some 6 million tons by late last year, according the Vietnam Steel Association.
Source: Thanh Nien, TBKTVN – Compiled by Dong Ha