Business

Work starts on 139 mln USD steel mill in Dong Nai

The POSCO VST Co Ltd Vietnam, a subsidiary of the RoK-based POSCO group, held a groundbreaking ceremony on Dec. 13 for its new stainless steel cold rolling mill in the southern province of Dong Nai's Nhon Trach district.
The POSCO VST Co Ltd Vietnam, a subsidiary of the RoK-based POSCO group,held a groundbreaking ceremony on Dec. 13 for its new stainless steelcold rolling mill in the southern province of Dong Nai's NhonTrach district.

The 130 million USD mill, to cover 39,000 square metres, is expected to operate in February 2012.

The mill will be the biggest stainless steel plant in the country,with the capacity of 150,000 tonnes per year and will employ 400labourers.

Products will be provided for local demand and exported to Southeast Asian, European and American markets.

"The dynamic and potential of the Vietnamese economy has led us toexpand investment, with the hope of increasing the total capacity forthe mill to 285,000 tonnes in the future, meeting all local demand,"said Chung Joon Yang, managing director of POSCO group, who deliveredthe opening speech at the ceremony.

Vietnam's demand is high, and most stainless steel is imported.

Founded in the Republic of Korea in 1968, POSCO is theworld's fourth largest steel group. It established an office inVietnam in 1991/.
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