US$ 4.5 billion steel project launched

News/Quang Ngai - The construction of Guang Lian Dung Quat Steel Plant will be started in the middle of March, Hsueh Hung Yi, General Director of Guang Lian Steel Vietnam, the investors, confirmed at a meeting between a working group of the Industry and Trade Ministry, representatives of the Dung Quat Economic Zone management and the company.

Guang Lian Steel Vietnam Ltd is a joint venture between 2 Taiwanese groups namely Tycoons and E-United.

The company said that the project, which is expected to absorb US$ 4.5 billion, has been delayed for 18 months due to the global financial crisis and that now it has mobilised enough resources to launch the project.

Under the design, the plant will have a production capacity of 3 million tones of product per year, when the first phase of the project finishes in 2013, and it will go up to 5 million tones when the whole plant is put into operation.