Indian steel producer Tata Steel has announced that it has entered into a joint venture agreement with Vietnam Steel Corporation (VSC) and Vietnam Cement Industries Corporation (Vicem) for the construction of a new steel mill in Vietnam's Ha Tinh Province. The new mill will be located in the province's Vung Ang Economic Zone and will have an annual production capacity of 4.5 million mt.
The planned mill will be built in three phases at a total cost of $5 billion. The first phase of the plant involves the construction of a cold rolling mill, which is expected to be commissioned by the end of 2010.
Tata Steel will hold 65 percent of shares in the new JV, VSC will have a 30 percent stake and Vicem will hold the remaining five percent of shares.