Posco subsidiary building steel plant in VietnamPosco Specialty Steel, the conglomerate’s stainless steel subsidiary, said yesterday it broke ground on a new plant in Vietnam.
The new factory in the Phy My Industrial District of Ba Ria-Vung Tau will have a capacity of one million ton of reinforced steel bars and other steel products.
It is scheduled to be completed by July 2014.
A 1.2-million-ton steel-making unit and two rolling mills will be installed at the factory.
Posco SS will even have its own port, the company said.
About 170 officials attended the launch ceremony yesterday.
“Although the state of the global economy is not looking particularly favorable, we have decided to construct our factory in Vietnam because we believe the country has a bright future,” Posco President Chung Joon-yang said.
Vietnam is pushing infrastructure projects that will allow its steel industry’s annual profits to increase at least 8 percent.