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Vietnam’s steelmaker to build 1m-ton-a year ingot plant

Vietnam’s leading steel producer Pomina and two partners on Saturday signed a contract to build a 1-million-tonne-a-year steel ingot plant, the largest of its kind in Vietnam, VNBusinessNews.com reported.

Under the agreement, the Vietnam Bank for Industry and Trade (Vietinbank) will provide Pomina with a loan worth 884 billion dong (roughly $50 million) out of the plant’s total investment of 1.373 trillion dong and the European equipment provider Concast will be the supplier of technology and equipment for the plant.

The plant is part of Pomina’s steel production project with a total investment of more than $300 million. Construction of the plant is expected to begin on October 17 at the Phu My industrial zone, Ba Ria-Vung Tau province and last three years.

The project includes a 1 million tonne a year steel ingot plant, a 500,000 tonne a year rolling steel mill and a sea port capable of handling 3 million tonnes of goods a year to serve the plant’s operation.

Pomina expects to increase capacity of the steel ingot plant to 1.5 million tonnes a year in phase II, becoming the country’s largest steel ingot producer. Pomina is Vietnam’s leading steel producer, providing 1.1 million tonnes of construction steel each year.

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