South Korean steel giant POSCO has disclosed that it will begin construction of a steel mill in Vietnam next month.
POSCO plans to spend a total of $491 million to build a cold rolled steel mill with an annual output of 1.2 million metric tons by 2009. In addition, the company also plans to construct a 3-million-ton hot rolled steel plant by 2012 in Ba Ria-Vung Tau province, 60 miles east of Ho Chi Minh City.
The construction of the two mills will cost POSCO roughly $1.2 billion.