POSCO CEO Chung Joon-yang, Deputy Minister Le Duong Quang of Vietnam’s Ministry of Industrial Trade, Vice Chairwoman Phan Thi My Thanh of Dongnai Province, and Korean Ambassador to Vietnam Ha Chan-ho participate in a ceremony to complete a stainless cold-rolled steel factory within the Nhon Trach Industrial Complex on March 7.

POSCO VST completed the construction of a stainless cold-rolled steel factory with an annual capacity of 150,000 tons within the Nhon Trach Industrial Complex near Ho Chi Minh City on March 7. 

POSCO VST, the Vietnam subsidiary of POSCO, held a ceremony to mark the completion of the factory, which came 13 months after starting construction in December 2010. The new plant brings the annual production scale of POSCO VST to 235,000 tons. 

Among those at the ceremony were POSCO CEO Chung Joon-yang; Deputy Minister Le Duong Quang of Vietnam’s Ministry of Industrial Trade; Vice Chairwoman Phan Thi My Thanh of Dongnai Province; Korean Ambassador to Vietnam Ha Chan-ho; and 120 related personnel of both countries. 

In his congratulatory speech Chairman Chung said, “POSCO VST has built a successful management foundation through continuous management innovation activities and facility investment since its establishment. The new cold-rolled steel plant with advanced equipment is expected to not only ensure a stable supply of quality products that can be recognized in Vietnam and abroad, but also contribute to Vietnam’s economy with local import replacement and the creation of new jobs.” 

POSCO took over ASC, Vietnam’s stainless cold-rolled steel factory with an annual capacity of 30,000 tons, in October 2009 and inaugurated POSCO VST, which has so far churned out 85,000 tons of cold-rolled products annually through facility expansion. The company expanded new production facilities based on projections that the demand for stainless cold-rolled products will surge from the current 250,000 tons to 330,000 tons in 2015 in Vietnam.