Vietnamese officials today announced the start of the construction of what will be the largest steel mill in the country upon completion of the initial project stage, at an investment cost of $1.6 billion.
The main shareholders of the new plant include domestic steel producer Tycoons Worldwide Steel and a joint venture company formed by Thailand Tycoons Worldwide Group and Taiwan's E-United Group.
With an initial annual production capacity of three million metric tons of ingots expected to come on stream in the next three years, the new mill's annual capacity is eventually to be expanded to five million metric tons of ingots with a further investment of $1.4 billion.
The new mill will be located in the Dung Quat Economic Open Zone in the central Vietnamese province of Quang Ngai.