Posted on 27 May 2009
China Steel, Sumitomo plan $1.15 bln Vietnam mill
Vietnam has granted an investment licence to a consortium of foreign firms led by China Steel (2002.TW), Sumitomo Metal (5405.T) and Sumitomo Corp (8053.T) to invest $1.15 billion in a steel mill in the country's south.
The Thoi Bao Kinh Te Vietnam newspaper on Wednesday quoted the provincial government of Ba Ria-Vung Tau province as saying the project would be operational by 2013 with a design capacity of 1.6 million tonnes per year.
State media have reported products from the mill would serve the local automobile and shipbuilding industries.
