Vietnam’s leading steel mill, Hoa Phat has recently signed a credit agreement with eight commercial banks to finance the construction of Dung Quat II steel production complex in Quang Ngai province. The total investment required to build the plant is estimated at around VND 85 trillion ($3.7 billion), out of which VND 35 trillion ($1.5 billion) has been allocated by eight banks while signing the agreement.
The construction of the plant is likely to begin by the end of Jan-Mar’22 quarter and is expected to complete by CY’24.
Annual capacity of Dung Quat II
The annual planned capacity for Dung Quat II steel plant is 5.6 million tonnes (mnt), out of which 4.6 mnt will be HRC and 1 mnt will be high-quality steel bars and wire rods.
Current installed capacity
Hoa Phat’s annual steel production capacity is at around 8 mnt, of which 5 mnt is construction steel and around 3 mnt is HRC.
Note: This article has been published in accordance with an article exchange agreement between SteelDaily and SteelMint.
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