Kobe Steel To Invest Y93 Billion To Build Vietnam Steel Plant

Kobe Steel Ltd. (5406.TO) has decided to invest about Y93 billion to construct a steel-making plant in Vietnam using advanced steel-making technology, national broadcaster NHK reported Friday.

Japan’s No. 4 steel producer by sales has received approval from the local authorities to build the plant in central Vietnam which will eventually have an annual capacity of 2 million tons.

Kobe’s technology can turn lower-grade iron ore and coal into iron nuggets of the same quality as blast furnace pig iron. Vietnam produces 9 million tons of iron ore annually, but the country relies on steel imports because of the raw material’s low grade.

Dow Jones

Tags: Kobe Steel in Vietnam, Vietnam steel industry, Vietnam steel plants

Posted by VBN on Apr 2 2010. Filed under Steel. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry