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In a regulatory filing, POSCO said Nippon Steel will buy a stake of 10 to 20 per cent in the US$490 million project to build a cold-rolled steel mill in the Southeast Asian nation. The South Korean steelmaker did not elaborate on how much the Japanese steelmaker will spend in purchasing the stake.
POSCO began construction in August at the Phu My industrial complex near the southern Vietnamese city of Ho Chi Minh, and plans to complete construction of the plant by 2009.
When in operation, the plant will produce 1.2 million tons of cold-rolled steel a year, according to POSCO.
POSCO also plans to build another steel plant in the country, which will eventually be able to produce 3 million tons of hot-rolled steel a year, according to the company.
(Yonhap)
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