Korea-based Posco Group has recently announced its plan of producing high-class steel for shipbuilding industry and plane manufacturing in the southern province of Ba Ria-Vung Tau, said Nguyen Van Lam, PMU’s deputy head of industrial zones in Ba Ria-Vung Tau.

The US$700 million project is under consideration period.Earlier, deputy prime minister, Hoang Trung Hai, approved the plan and supplements this plan to Vietnam steel development plan 2007-2015.

If being approved, this will be Posco’s second project in Ba Ria-Vung Tau province.

In last October, the group inaugurated Southeast Asia’s biggest cold rolled steel mill in the province with a capacity of 1.2 million tonnes a year.

(Source: Intellasia)