Steelmaker to get $48m from SCIC to expand production

Monday, Sep 15, 2014 08:12

Steel is manufactured at a plant of Thai Nguyen Iron and Steel Corporation. — VNA/VNS Photo Trong Dat

HA NOI (Biz Hub) — Prime Minister Nguyen Tan Dung has allowed the State Capital Investment Corporation (SCIC) to contribute VND1 trillion (US$47.6 million) to the Thai Nguyen Iron and Steel Corporation (TISCO) to improve production.

The website reported that the capital will be invested in the second phase of TISCO's production expansion project.

The project's VND4 trillion ($190.47 million) second phase is one of the seven important projects listed in the Viet Nam Steel Industry Development Plan for the 2010-15 period.

TISCO is the first and unique metallurgical zone in Viet Nam with an integrated production line that covers processes from exploitation of iron ore to making of cast iron, steel billet and rolling steel.

Its products are used in important national projects such as Hoa Binh, Yaly and Son La hydroelectric power plants, the North-South 500 KV power line, My Dinh National stadium, Thang Long and Chuong Duong bridges. It has also successfully penetrated international markets, including those in Canada, Indonesia, Laos and Cambodia. — VNS

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