S Korean firm opens second stainless steel plant in Viet Nam - Economy

Updated

March, 08 2012 07:40:23

S Korean firm opens second stainless steel plant in Viet Nam

DONG NAI — The Korean Posco Viet Nam Stainless Steel (Posco VST) company opened its second stainless steel cold rolling mill yesterday.

Located in the Nhon Trach 1 Industrial Park in southern Dong Nai province, the US$130 million plant will be capable of producing 150,000 tonnes of stainless steel a year and will help increase Posco VST's overall capacity to 235,000 tonnes per annum. This will make Posco VST the biggest stainless steel manufacturer in the country.

The first Posco VST stainless steel plant – also the first in Viet Nam and located in the same IP – is capable of producing 85,000 tonnes a year.

Posco VST's second plant covers an area of 39,000 sq. metres.

"The mill, with the latest modern technology, will bring highest quality products to Vietnamese and international markets," Chung Joon Yang, Chairman of Posco group, said at the opening ceremony.

The new facility will serve domestic market and exports to Southeast Asian countries, European Union and America.

Posco has forecasted that demand for steel in Viet Nam would rise about 8 per cent per year until 2020.

In October 2009, Posco Viet Nam put into operation Southeast Asia's biggest mill with an annual capacity of 1.2 million tonnes of cold-rolling steel in the southern province of Ba Ria – Vung Tau.

In the same province, Posco Speciality Steel will start construction this July of a one million tonne per year steel plant in the Phu My Industrial Park.

Posco E&C is currently carrying out 10 infrastructure, transport and residential projects in Viet Nam. — VNS

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