China’s steel producer Mintal has proposed a project to invest in a US$2-billion ferrochrome and stainless steel plant in Nghi Son economic zone in Vietnam’s central Thanh Hoa province, according to Tao Jing, Mintal’s CEO.
Jing made the proposal at a meeting with Chairman of the Thanh Hoa People’s Committee Nguyen Dinh Xung on August 16.
In case of getting the approval from local authority, Mintal would need an area of 300 hectares near the port for the construction of the plant with a capacity of 1.5 million tons of ferrochrome carbon per year in phase 1, while in phase two, the plant targets to produce one million tons of stainless steel and one million tons of non-ferrous metals per year, Jing stated.
According to Jing, total investment capital for the two phases would be estimated at US$2 billion. 80% of input materials for production are expected to be imported from South Africa, and the remaining 20% bought in Vietnam.
Mintal is one of the largest ferroalloy producers and stainless steel producer in the world, added Jing. The Chinese company currently has manufacturing plants in China, South Africa and Pakistan, using advanced technologies from Finland for ferrochrome carbon production and of Japan for stainless steel and non-ferrous metals.
At the meeting, Chairman of the Thanh Hoa’s People Committee Xung gave his approval to the project.
Xung, however, requested Mintal to apply advanced and environmentally-friendly technologies for the project.
Xung expected Mintal to submit relevant documents for review, as the local authority could issue the investment certificate at an investment promotion conference in Thanh Hoa province at the end of September.
According to Xung, Nghi Son economic zone, which gives priority to oil refinery, heavy and petrochemical industries, has enjoyed the best investment incentives in Vietnam.
