Vietnam to build big steel plant

AngolaPress – News: “HANOI,09/20 – Vietnam will invest some 250 million US dollars in building a steel plant in the southern province of Ba Ria Vung Tau in the next few months, so as to meet its growing demand for steel products.

The Southern Steel Company will build the Phu My II Steel Plant, its second factory in the province, with an annual capacity of 530, 000 tons of steel billet and 500,000 tons of laminated steel in the 2006-2010 period, said the company on Monday.

The company will construct another facility with a yearly capacity of 500,000 tons of steel from 2010 to 2013.

The company, a major steel producer in Vietnam, has planned to put into operation its Phu My I Steel Plant with an annual capacity of 500,000 tons of steel billet and 500,000 tons of steel products in November 2004. The total investment for the plant stands at 135 million dollars.

Vietnam has imported 3.1 million tons of steel products and billets worth more than 1.4 billion dollars, mostly from China, Russia, Ukraine and Malaysia in the first eight months of this year, down 3.4 percent in volume, but up 25 percent in value over the same period last year, according to the General Statistics Office. “

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