May 30, 2007 -- The Vietnam Steel Corporation (VSC) and India-based Tata Steel Corporation signed a memorandum of understanding in Hanoi on Tuesday, for the construction of a steel complex in central Ha Tinh province. Under the MoU, the two sides will carry out a feasibility study for a US$3.5 billion complex in Vung Ang Economic Zone. The study will be finished in September 2008.
The complex will house a steel mill with an annual output of 4.5 million tonnes of steel. Tata Steel will own a minimum of 65 per cent of the plants shares. "It will refine iron ore from the Thach Khe mine, which has a reserve of 500 million tonnes. The feedstock is ready for processing thanks to the recent establishment of the Thach Khe iron joint-stock company," said Dau Van Hung, VSC director general at the signing ceremony. Tata Steel, the world's sixth largest steel producer, previously teamed up with VSC, Vietnam's biggest steel maker, in two joint-ventures.
Source: Asia Pulse
Source: Factiva
