Tata Steel Ltd, the world’s sixth-largest steel maker, and Vietnam Steel Corp. plan to spend $3.5 billion (Rs14,000 crore) on a steel-and-iron ore venture in the Southeast Asian nation to supply construction and shipping companies.
Tata Steel will hold 65% of the 4.5 million tonnes (mt) plant and 30% of the iron ore mine, making one of the biggest foreign direct investments in Vietnam, said managing director B. Muthuraman in Hanoi on Tuesday after signing the accord.
Tata Steel joins rivals such as Arcelor Mittal and Posco in seeking to expand in Asia, where steel usage is growing faster than in Europe and the US. Vietnam, with limited steel making capacity, imports half its annual 7mt requirement to supply shipping and construction companies that are expanding at 12% a year, according to the Mumbai-based firm.
Read more in The Livemint article.
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