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August 14, 2008

Tatal Steel signs JV for $5bn steel plant in Vietnam

India-based Tata Steel on Wednesday signed a joint venture deal with Vietnamese companies to build a steel complex at a cost of $5 billion in Vietnam’s central province of Ha Tinh, said Vietnam News Agency (VNA).

The joint venture agreement to build the 4.5-million-tonne steel complex was signed in Hanoi by Tata Steel Corp, the world’s sixth largest steel company, Vietnam Steel Corp (VN Steel) and Vietnam Cement Industry Corporation (VICEM) as Tata Steel will hold a 65 percent stake while VN Steel 30 percent and VICEM 5 percent.

Located in the Vung Ang Economic Zone, the project will build a cool-rolled steel plant in the first phase, which is scheduled for completion in 2010.

Tata Steel’s managing director Muthuraman said at the signing ceremony that Vietnam is an ideal destination for foreign investors and pledged to meet all requirements for corporate management, environmental protection and healthy business.

According to VN Steel’s general director Dau Ngoc Hung, the agreement will facilitate his corporation’s move to expand operations and establish long-term ties with its strategic partner Tata Steel to jointly explore opportunities and market potentials both in and outside Vietnam.

The project is expected to improve Vietnam’s position in the global steel industry and fully tap the country’s natural resources, Hung said.

Formosa Group from Taiwan in early July began construction of an iron and steel complex also at the Vung Ang Economic Zone, with a plan to produce up to 7.5 million tonnes of iron and steel a year.

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