HANOI, Vietnam (AP) — A unit of Taiwan's Formosa Plastics Corp. and the island's Sunsteel Corp. are planning to build a $6 billion steel complex in Vietnam's Ha Tinh province, a media report said Friday.
Formosa Heavy Industry and Sunsteel are conducting a feasibility study to build the complex with an initial production capacity of 7.5 million tons a year, Dow Jones Newswires reported, citing an unnamed official with the Ministry of Planning and Investment.
The study will be completed in March and operations are planned from 2011, the official said, according to the news agency.
The province is about 400 kilometers (250 miles) south of Hanoi and estimated to have up to 540 million metric tons of iron ore.
According to Investment newspaper, which is published by the planning and investment ministry, Formosa Heavy Industry will hold a 95 percent stake and Sunsteel will have a 5 percent stake in the complex.
