Essar Steel may build steel plant in Vietnam

Vietnam Steel Corporation and Indian steel producer Essar Steel will hold negotiations this month in an effort to build a $300 million hot rolled steel plant in the southern province of Ba Ria-Vung Tau. The factory is expected to be built over a two-year period, with a projected annual output of 2 million tons of steel. The new plant will help Vietnam reduce its dependence on steel imports, which reached around 3.6 million tons last year.