South Korean steel giant POSCO has announced that it is looking to expand its sales and market share in the Southeast Asian market by increasing investment in its cold rolled stainless steel production facilities in Vietnam.
A company press release said that, considering the strategic importance of the Vietnamese market in the region, the company plans to gradually upgrade its production facilities at its subsidiary POSCO-VST, from the current 80,000 mt per year to 200,000 mt in the foreseeable future. As the first step, the company plans to use 40,000 m2 of vacant land it currently possesses.
POSCO-VST is a joint venture founded by POSCO when it acquired the Vietnamese cold rolled stainless steel production firm Asia Stainless Corp last year.