THE SOCIALIST REPUBLIC OF VIET NAM
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VN’s biggest rolled steel billet factory to be built
VGP - Pomina Steel Corporation, Việt Nam Joint-stock Commercial Bank for Industry and Trade (VietinBank) and Europe’s leading metal firm Concast have signed a contract to invest over US $300 million in building a rolled steel billet complex in the southern province of Bà Rịa-Vũng Tàu, the biggest of its kind in the country.
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Representatives of Pomina and its partners at the signing ceremony in Hồ Chí Minh City |
The complex, located in the industrial park of Phú Mỹ, consists of a steel refining mill which can produce 1 million tons per year, a 500,000-ton rolled steel factory and a seaport capable of loading 3 million tons of goods a year.
Pomina plans to raise its total production capacity of steel billet to 1.5 million tons a year, becoming Việt Nam’s biggest steel billet maker.
The firm said the new project will make an annual revenue of some VND 8 trillion and create over 1,000 jobs.
With the new rolled steel facility, Pomina will have a combined steel production capacity of 1.6 million tons a year. It is currently running another steel rolling plant which can produce 1,1 million tons per year.
The construction is estimated to last for 3 years.
By Ngọc Vân