Hong Kong firm seeks to develop US$2 billion steel plant in Thanh Hoa
Hong Kong steel firm Mintal Group has proposed building a US$2-billion plant in Thanh Hoa Province’s Nghi Son economic zone to produce carbon ferrochrome, stainless steel and nonferrous metals.
Tao Jing, general director of Mintal Group, made the proposal at a meeting with the provincial government last week to discuss investment plans at the Nghi Son economic zone.
The plant, which is expected to need 300 hectares of land, will generate 1.5 million tons of carbon ferrochrome annually in the first phase and one million tons of stainless steel and nonferrous metals each per year during the second phase.
Regarding inputs for the plant, 80% of raw materials will be imported from South Africa, while the remainder is expected to be purchased in Vietnam, the provincial government’s website quoted Tao Jing as saying.
He added that Mintal Group currently applies advanced energy-efficient technology from Japan and Finland to manufacture carbon ferrochrome, stainless steel and nonferrous metals. The technology completely eliminates gas emissions and allows wastewater to be reused during the manufacturing process.
In response, the provincial chairman, Nguyen Dinh Xung, approved the proposal in principle but noted that Mintal Group needed to make a firm commitment to deploying the advanced technology when investing in the plant as it would minimize the negative effects on the environment.
Also, Chairman Xung urged the group to complete procedures to send the proposal to the relevant agencies for consideration and approval.
At the meeting, the group and the management board of the Nghi Son economic zone and industrial zones signed a memorandum of understanding on investing in the steel plant.
Mintal is among the world’s leading carbon ferrochrome, stainless steel and nonferrous metals manufacturers. It has set up plants in China, South Africa and Pakistan, with total exports of these products ranking third globally.