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Pomina signs contract on Vietnam’s largest steel ingot plant
A contract to build a 1-million-tonne-a-year steel ingot plant, the largest of its kind in Vietnam, was signed in Ho Chi Minh City on Sept. 12 by the Pomina Steel Joint Stock Company, the Vietnam Bank for Industry and Trade (Vietinbank) and the European equipment provider Concast.
Under the document, Vietinbank will provide Pomina with a loan worth 884 billion VND (roughly 50 million USD) out of the plant’s total investment of 1.373 trillion VND and Concast will be the supplier of technology and equipment for the plant.
The plant is part of Pomina’s steel production project with a total investment of more than 300 million USD. Its construction is expected to begin on Oct. 17 at the Phu My industrial zone, Ba Ria-Vung Tau province and last three years.
The project includes a 1 million tonne a year steel ingot plant, a 500,000 tonne a year rolling steel mill and a sea port capable of handling 3 million tonnes of goods a year to serve the plant’s operation.
Pomina expects to increase capacity of the steel ingot plant to 1.5 million tonnes a year in phase II, becoming the country’s largest steel ingot producer.
Pomina is currently Vietnam’s leading steel producer, providing 1.1 million tonnes of construction steel each year.
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