May 27, 2009 / 1:51 AM / 10 years ago

China Steel, Sumitomo plan $1.15 bln Vietnam mill

HANOI, May 27 (Reuters) - Vietnam has granted an investment licence to a consortium of foreign firms led by China Steel (2002.TW), Sumitomo Metal 5405.T and Sumitomo Corp (8053.T) to invest $1.15 billion in a steel mill in the country’s south.

The Thoi Bao Kinh Te Vietnam newspaper on Wednesday quoted the provincial government of Ba Ria-Vung Tau province as saying the project would be operational by 2013 with a design capacity of 1.6 million tonnes per year.

State media have reported products from the mill would serve the local automobile and shipbuilding industries. (Reporting by Nguyen Nhat Lam)

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