Chinese steelmaker plans to put up $2-billion plant in Vietnam
Mintal Group wants to build a $2-billion plant in the central province of Thanh Hoa producing carbon ferrochrome, stainless steel and non-ferrous metals.
Initially it will annually produce 1.5 million tons of carbon ferrochrome, alloy of chromium and iron used to make stainless steel, before beginning to produce one million tons each of stainless steel and non-ferrous metals such as aluminum and copper.
The largest chrome alloy producer in China is eyeing the province's Nghi Son Economic Zone for its 300-hectare plant.
Eighty percent of the raw materials will be imported from South Africa and the rest will be sourced from Vietnam.
The company claims to use advanced energy-saving technology which would reduce sulfur emissions by 90 percent a year.
Thanh Hoa authorities are reviewing its proposal.
Mintal is among the world’s leading producers of ferrochrome, stainless steel and non-ferrous metals with plants in China, South Africa and Pakistan.