US group to build steel plant in Vietnam

U.S. group Eminence plans to pour $30 billion into building a steel plant and auxiliary establishments in Vietnam’s central region according to local newspaper Young People. Eminence will submit its investment plan, some time in the second quarter, to the Vietnamese government for approval.

The plan includes $26 billion for the plant and $4 billion for such establishments as a thermoelectric plant, a shipyard, an urban residential area and a research institute. The U.S. group will spend $8 billion building the steel plant from 2007 to 2012, and $18 billion upgrading the plant in the 2013-2020 period. Once completed, the plant will have annual capacity of 30 million tonnes of steel products, mainly high- class items for export, and employ some 10,000 people.