Construction work has commenced on the new joint venture steel mill involving Vietnam Steel Corp., Lao Cai Natural Resources Co. and China's Kunming Iron and Steel Co., in Vietnam's Tang Loong Industrial Zone, Loa Cai Province.
The new mill will be built at a total cost of $152 million and will have an annual production capacity of one million metric tons of steel upon completion.
Raw material supplies for the mill will be ensured by Loa Cai Province-based Quy Xa iron ore reserve which holds about 120 million metric tons of iron ore.