China Steel, Sumitomo plan $1.15 bln Vietnam steel plant

Vietnam has licensed a consortium of foreign firms led by China Steel, Sumitomo Metal and Sumitomo Corp. to invest US$1.15 billion in a steel mill in the south.

Thoi Bao Kinh Te Viet Nam (Vietnam Economic Times) newspaper Wednesday quoted the Ba Ria-Vung Tau provincial government as saying the project would be operational by 2013 with a designed capacity of 1.6 million tons a year.

Local media has reported that the plant’s products will serve the automobile and shipbuilding industries.

thanhnien, reuters

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