August 19, 2008

Vietnamese, Indian Firms to Invest 5 Bln USD in Steel Complex

Vietnamese, Indian firms to invest 5 bln USD in steel complex

HANOI, Aug. 14 (Xinhua) -- India's Tata Steel, the world's sixth biggest steel maker, and two Vietnamese state corporations will pour 5 billion U.S. dollars into developing a steel complex in Vietnam's central Ha Tinh province, local newspaper Vietnam Economic Times reported Thursday.

Under a deal signed by Tata Steel, the Vietnam Steel Corporation and the Vietnam National Cement Corporation on Wednesday, they will build the complex with an annual capacity of 4.6 million tons of steel products in three phases with the first two phases lasting from 2008 to 2013.

The complex is predicted to reach its full annual capacity of 4. 6 million tons by 2015, when it employs some 20,000 people.

Vietnam's total demand for steel products is estimated at 15-18 million tons in 2015, and 20-22 million tons in 2020, the newspaper quoted Dau Van Hung, general director of the steel corporation, as saying.

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