Posco E&C wins contract to construct steel factory

HA NOI (VNS)— Posco Engineering&Construction Co, the construction arm of South Korea's largest steelmaker, Posco, has beat 10 other contractors to secure the US$302 million deal to build the Formosa Raw Material Handling Yard in Viet Nam. Under the contract with Formosa Ha Tinh Steel Corp, an affiliate of Viet Nam's Formosa Group, Posco E&C will build the facility in a steel complex in central Ha Tinh Province. Construction on the project, which will have an annual production … [Read more...]

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FPG begins constructing steel mill in Vietnam

Construction began Sunday on a blast furnace that will be part of a steel mill complex built with investment by Formosa Ha Tinh Steel Corp., a Formosa Plastics Group (FPG) steel venture in Vietnam. FPG president William Wong said that in the primary stage of construction, the company expects to hire around 10,000 Vietnamese workers. The complex is aimed at turning Ha Tinhi, a province on the country's north central coast, into a key industrial city. Vietnamese Prime Minister Nguyen Tan Dung … [Read more...]

Steel giant heads abroad for forex

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Formosa Ha Tinh Steel Corp has set its sights on increasing exports as a way of maintaining its much-needed foreign exchange balance. illustration photo The move follows the Vietnamese government's thumbs down on the company's requests for a mechanism that would see its dong earnings converted into forex. Last year, the Taiwanese investor made a concerted push to obtain foreign exchange balance support from Vietnamese authorities. The company needs to guarantee it has enough capital to … [Read more...]

Formosa’s FX fears

Taiwan's Formosa is seeking Vietnamese authorities' support to mobilise foreign currency to run its giant steel complex in central Vietnam. According to Chu Xuan Pham, representative of the Formosa Ha Tinh Steel Corp. (FHS), the Taiwanese firm would need $2.8 billion a year to import iron ore, coke coal and other materials for its Vung Ang Industrial Park-based steel plant in Ha Tinh province, to produce 7.5 million tonnes of steel in the first phase of operation. The first phase, which has … [Read more...]