Taiwan-Thailand JV Raise Investments for Steel Plant to US$4.1B in Vietnam
Guang Lian Steel Vietnam Ltd., Co., a joint venture of Thailand’s Tycoons Steel Worldwide Group and Taiwan’s E-United, will increase investments into its long-delayed steel project in Vietnam to US$4.1 billion from the current US$3.3 billion.
The company also pledged to resume the construction of the steel plant with an annual capacity of 5 million tons in the central province of Quang Ngai province in March, according to Chairman Li Pi Hsien.
Guang Lian Dung Quat steel plant located in the Dung Quat Economic Zone is slated for operation by end-2012, the chairman said at a meeting with officials of the Ministries of Planning and Investment and Industry and Trade last weekend.
At present, Taiwan’s E-United holds a 90% stake in the project and Tycoons Steel Worldwide Group holds 10%.
The project was licensed in September 2006 with a total investment of US$1 billion injected by Tycoons, which then partnered with E-United to raise the project’s total investment to US$3.3 billion. (Investment)
Tags: Vietnam steel industry
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