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Formosa Plastics Group seeking new partners in Vietnam steel plant project- The 19th China (Guangzhou) Int¡¯l Plate metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
8/3/2017 plate metal expo-wire expo |
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Focus Taiwan reported that Formosa Plastics Group announced that it is still in the process of finding partners to jointly invest in the improvement and expansion of its steel plant in Vietnam, which reopened earlier this year after months of inactivity due to a toxic waste spill in 2016.
Following the environmental disaster, FPG pledged an investment of USD1 billion in two stages to improve environmental safety and increase capacity at Formosa Ha Tinh Steel Corp. in the Vung Ang Economic Zone in Ha Tinh Province. The first phase of the project was completed in late July by FPG and its major subsidiaries, while another USD500 million will be put into the project in the second phase, by issuing new shares, FPG said.
The group said, however, that is still seeking new partners for the second phase of the project and has not yet decided on any enterprises.
Also on Tuesday, the Commercial Times reported that FPG, the major shareholder in the steel plant, had invited Hanoi-based VietJet Air to invest in phase two of the project by taking a 4-5 percent stake in the plant.
China Steel Corp and JFE Steel Corp also hold stakes in the Vietnamese steel mill, with investments of more than USD 10 billion. By the end of this year or early 2018, total production capacity at the plant expected to reach about 7 million tonnes, making it the largest steel mill in the ASEAN market.
-- The 19th China (Guangzhou) Int¡¯l Plate
metal, Bar, Wire, Metal Processing &Setting Equipment Exhibition
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