South Korea-based POSCO Specialty Steel (POSCO SS) has announced that it has broken ground for a new long steel plant in Vietnam.
The new facility at the Phu My Second Industrial Zone, Ba Ria-Vung Tau province will produce rebars, steel bars and shape steel with an annual capacity of 1 million mt.
The plant will be equipped with a 120 mt electric arc furnace and a rolling mill with an annual capacity of 1 million mt. It will also have a port for shipments of materials and product processing only. The construction works are scheduled to be completed by July 2014.
The construction of this facility will offer locally produced shape steel products, enabling POSCO to get a foothold in the fast growing Vietnamese rolled steel market which relies on imports.