Wuhan Steel to build first Chinese steel mill in SE Asia

Wuhan Iron and Steel Group has started a Vietnam steel project and a Laos mining project through KunSteel Holding, which is controlled by the Group’s subsidiary, Wuhan Iron and Steel (600005), reports 163.com. It will be the first Chinese steel factory built in Southeast Asia, said the report. There were also previously, it was rumored that Wuhan Iron and Steel Group would spend $5 billion to build a factory in Brazil.

KunSteel’s Vietnam steel projects will be completed in two phases. The first phase includes smelting, forging and mining projects which will be completed by the end of 2011. After the first phase the plant will have a yearly capacity of 200,000 tons of steel. After the second phase is completed, final yearly capacity of the whole project will increase to 500,000 tons. KunSteel has also signed several lead and zinc mining contracts with First Pacific Mining Co. in Laos.

CapitalVue

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

Posted by VBN on May 10 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