Posco, based in South Korea, announced plans to expand its production of stainless steel in Vietnam due to increased demand for the metal throughout Southeast Asia.
According to a number of published reports, Posco, which acquired the Vietnamese company Asia Stainless Corp. last July, will be increasing production for a second time. The company already boosted production at that facility over the past year.
The facility initially had a capacity of 30,000 metric tons per year. After purchasing the mill, Posco expanded the plant’s capacity to 85,000 metric tons per year.
Under a recent announcement, Posco plans to further boost the stainless steel plant's annual production capacity to 235,000 metric tons in 2013 and to 285,000 metric tons in 2014.
As part of the plan to grow its production capabilities in Southeast Asia, Posco is pushing for building a $500 million electric arc furnace with a capacity of 1 million metric tons per year in Vietnam
The steelmaker is waiting for formal approval from the Vietnamese government for that project.
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