POSCO builds steel plant in Vietnam to meet growing demand

SEOUL, Oct. 19 (Yonhap) -- POSCO, South Korea's leading steelmaker, said Monday
it has completed a plant in Vietnam that will meet growing demand in the
Southeast Asian market.

The plant in Vung Tau, near Ho Chi Minh City, will produce 1.2 million tons of
cold-rolled steel annually. Products from the plant will be sold in Southeast
Asian countries such as Thailand and Malaysia, the steelmaker said.
POSCO started the US$528-million project in August 2007. Demand for steel in
Vietnam is projected to increase about 8.7 percent every year until 2020, POSCO
said. Last year, the company supplied 730,000 tons of steel to Vietnam.
Last month, POSCO acquired Asia Stainless Corp., a Vietnamese steelmaker that
produces around 85,000 tons of stainless steel annually.
POSCO plans to build another hot-rolled steel plant in Vietnam after 2012, it said.
sam@yna.co.kr
(END)

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