Last Updated :
30 April 2009 at 10:50 IST
Korean POSCO plans Vietnam production
Commodity OnlineKorean POSCO's (SEO: 005490) mill in Vietnam plans to produce 100,000 tonnes of CR in the Q4 of 2009.
POSCO operates as an integrated steel producer in Korea. The Vietnam mill division holds an annual capacity of 1.2Mt. It will commence a tryout production in July 2009 and supply the Vietnamese industry after inspection.
POSCO is conducting a market investigation to Malaysia, China, Vietnam and its surrounding areas for its sales channels. It has announced that 50% of its Vietnam mill output shall be provided to Vietnam.
POSCO Vietnam recently transmitted 30% of its stake to Nippon Steel (TYO: 5401) of Japan and it shall initiate the work at Ba Ria Vung Tung steel project from August 2007 at a cost of USD366 million.
POSCO’s stock price gained 0.53% on Seoul Stock Exchange on Tuesday and Analysts recommend to ‘Holding’ the stock. It touched a 52-week high of KRW607, 000 and a 52-week low of KRW234, 500.
POSCO was last traded at KRW382, 000.
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