The Posco SS Vina steel factory, wholly invested by Posco Group, covering 49 hectares at Phu My II Industrial Park, will turn out one million tonnes per year, sold on the domestic and foreign markets.
The new facility includes an electric smelting furnace, two steel rolling plants and a plant producing steel bars.
When operational in July 2014, the new facility will provide more than 2,000 jobs. Posco E&C Vietnam is the main contractor of the factory. “With the construction bidding package costing more than $100 million, this is the largest ever project that Posco E&C Vietnam has been involved with in Vietnam’s construction sector,” said Posco E&C Vietnam general director Oh Young Whan.
He said the property market’s frozen status meant it was a good time for developing large infrastructure and industry projects. Completing this project will open new opportunities for Posco E&C Vietnam to participate in bidding for other large-scale projects in Vietnam as well as in the region.
“South Korean investment projects in Vietnam are largely contributing to the increasing cooperative relations between the two countries,” he stressed. Posco, one of the largest steel groups in the world, has invested in Vietnam since 1992. So far, the Korean group has injected capital into various projects in the country with total investment of $2.1 billion.
Large projects are being executed by Posco E&C Vietnam such as Ca Mau fertiliser plant, Dung Quat refinery, Nhon Trach power plant, Hue hospital, CSVC-Phu My steel plant, Posco Vietnam steel factory, Golden Land, Cham Plaza, The Eastern and Himlam Riverside.
Kieu Linh (vir.com.vn)