Nippon Steel to invest US$37.2 mln in POSCO's Vietnam project

SEOUL, Jan. 29 (Yonhap) -- Leading South Korean steelmaker POSCO said Thursday that Nippon Steel Corp. of Japan will take a 15-percent stake in its project to build a cold-rolled steel mill in Vietnam for about US$37.2 million.

POSCO said last October that Nippon Steel, the world's No. 2 steelmaker, would
buy a stake of 10 to 20 percent in the $490 million project as part of an effort
to boost their bilateral alliance.
Cold-rolled steel is used in a wide variety of end products, including
refrigerators and automobiles.
POSCO, the fourth-largest steelmaker internationally, said at the time it would
begin building the plant this year at the Phu My industrial complex near Ho Chi
Minh City in southern Vietnam. It plans to complete construction by the end of
2009.
The facility is expected to be able to produce 1.2 million tons of cold-rolled
steel a year, according to POSCO.
POSCO has also said it plans to build another steel plant in the Southeast Asian
country that will eventually be able to produce 3 million tons of hot-rolled
steel a year.
sam@yna.co.kr
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