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Full-scale steel mill grows even larger
Deputy Prime Minister Hoang Trung Hai has agreed in principle to allow the planned Guang Lian Dung Quat Steel Mill to increase its output from 5 million to 7 million tonnes a year.
Hai asked Quang Ngai People's Committee to tell Dung Quat Economic Management Board to supervise the expansion under the terms of the investment licence.
The Taiwan-invested mill will be one of the largest in Viet Nam, covering 478ha. Recently, it lifted its registered capital from US$3 billion to $4.5 billion.
Quang Ngai People's Committee said the mill would be the first in Viet Nam producing its own steel and finished products directly from iron ore. It said it was part of the nation's steel-development strategy.
Taiwan Guang Lian Steel (Viet Nam) Company has started pile driving for the mill and construction work will start early next year. The mill is expected to become operational early in 2013.
In 2006, the Ministry of Planning and Investment granted a licence for a project called Tycoons Project. It was based on investment capital of more than $1 billion.
However, due to a lack of finance and experience on such big project, the investors, Taiwanese Tycoons, asked E-United of Taiwan to take a share - and investment capital was increased to $4.5 billion.
In doing so, the project was renamed Guan Lian Dung Quat.
vietnamnews
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