Vietnam To Build Large Steel Plant

Vietnam has begun building their largest steel plant as part of a $1.7 billion complex including a deep-sea port according to  Manufacturing.Net.  The complex, located in central Ha Tinh province and run by Taiwan’s Formosa Heavy Industry and Cayman island-registered Sun Steel Corp., will have an initial annual capacity of 7.5 million tons of steel.

Formosa holds 95% of the project, while Sun Steel holds the remaining 5%.  The government said the plant will import iron ore for its operation and will eventually also use iron ore from a mine in Thach Khe province, some 250 miles south of Hanoi.  The complex’s capacity will reportedly be doubled to 15 million tons a year in the second phase.