POSCO Engineering & Construction Co., a construction arm of South Korea’s largest steelmaker POSCO, said Tuesday it has signed a $400 million deal to build a steel processing facility in Vietnam.
Under the contract with Formosa Ha Tinh Steel Corp., an affiliate of Vietnam’s Formosa Group, POSCO E&C will build a raw material handling facility in a steel complex, located in northern Ha Tinh Province, with an annual production capacity of 7 million tons of steel, said the company.
Imported materials of iron ore, coke coal and other materials will be unloaded, hauled and cracked through the facility, according to POSCO E&C.
The company said construction will be started in February and completed by January 2015. (Yonhap News)
