POSCO completed the construction of a $528 million steel plant in Vietnam, the biggest in Southeast Asia. The facility will produce 1.2 million metric tons of high-quality cold-rolled plates and strips to be used in the production of cars and construction materials. Steel from the plant will be exported to the Asian region through processing facilities in Vietnam, Thailand and Indonesia. Construction of the facility, which is located on a 390-acre site in Vung Tau Province, began in August 2007.
POSCO plans to build more factories in Vietnam after 2012, including a hot-rolled steel mill with an annual capacity of 3 million tons and a 400,000-ton continuous galvanizing line. Vietnam's demand for steel is predicted to reach 26.1 million tons in 2020. Last year, the country produced only 730,000 tons.