|
|
| |
|
|
Vietnamese steel industry investing in new capacities-The 18th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
10/25/2016 steel expo-metal &metallurgy expo- |
--------------------------------------------------------------------------------------------------------------- |
|
Nikkei reported that Vietnam''s two largest steelmakers are readying to make multibillion-dollar capacity investments as the Southeast Asian nation tries to build up a domestic counterweight to its high dependence on Chinese steel even though a Taiwanese-led project by Formosa Plastics Group to start up Vietnam''s first blast furnace has been set back by a toxic waste spill.
Hoa Sen Group plans to spend USD 10 billion on production facilities in southern Vietnam''s Ninh Thuan, taking advantage of the province''s deep-water ports to import raw materials and export finished steel. Construction will begin next year. Expected to go into operation in stages starting in 2019, the additional capacity is forecast to more than quadruple Hoa Sen''s total to 16 million tonnes a year in 2031.
Hoa Phat Group plans to build a USD 2.7 billion steelworks in the Dung Quat Economic Zone of Quang Ngai Province, on a site that a Taiwanese steelmaker had picked for a project that it proved unable to finance. Hoa Phat aims to start the new steelworks as soon as 2020. Its 4 million tonnes of annual capacity will lift the group total 130%. Hoa Phat is also working on a $170 million steel plate mill in Hung Yen Province, near here. That facility, with a capacity of 400,000 tonnes, is supposed to start production in 2018
Vietnam''s demand for steel is rising as the economy grows at a nearly 7% clip, one of the fastest paces in Southeast Asia. Imports satisfy nearly 60% of this demand. Steel imports jumped 33% last year to 15.7 million tons, 61% of which came from China.
Another factor in the Vietnamese steelmakers'' planned investments is the trouble surrounding Formosa Plastics Group''s blast furnace project in Ha Tinh Province. The Taiwanese company was hit with a $500 million fine at the end of June for pollution from the site . Expected to start up as early as this year, that facility will have a capacity of 22.5 million tonnes at full operation, making it the core of the country''s steel industry. "Blowing in," as the the initial lighting of a blast furnace is called, was supposed to take place on June 25.
-The
18th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
|
|
|
|
|
