Taiwan’s Formosa to build steel plant in Vietnam

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Formosa Plastics Group, one of Taiwan’s largest industrial conglomerates, said Monday it plans a stainless steel plant in Vietnam, with local media citing a budget of over US$3 billion.

The plant will be part of a steel mill complex that the conglomerate intends to build in the central Vietnamese province of Ha Tinh, a group official told AFP.

The official said a timetable of the construction of the stainless steel plant had not been finalized, and declined to disclose further details.

The Taipei-based Economic Daily News reported Monday the plant will cost the group 100 billion Taiwan dollars (US$3.1 billion).

The newspaper said the planned stainless steel plant is expected to roll out two million metric tons a year.

Earlier this year, the group, whose interests range from petrochemicals to semiconductors, said it planned a stainless steel plant in Fujian province in southeast China with an annual capacity of one million metric tons.

Source: AFP

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