VSC to construct steel ingot mill

VSC to construct steel ingot mill

Vietnam Steel Corp (VSC) is planning to construct a steel ingot mill in the northern coastal province of Quang Ninh by 2005, after receiving the necessary approval from the government. The company will invest $120 million for this project. VSC is the only investor of the mill which will produce 500'000 tons per annum of ingots using imported scrap. The mill will be constructed as a part of country's steel industry modernization program. The project is scheduled to complete in 2010 with an estimated cost of $4 billion. Also, this project will be financed by state funds and foreign investors. It seems that, Vietnam is one of the Asia's fastest growing steel markets.