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POSCO E&C Wins Vietnamese Raw Material Handling System Project Deal Worth $400M

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– Deal won after winning out over ten overseas competitors from countries including Taiwan and China

SEOUL, South Korea, Dec. 18, 2012 /PRNewswire/ — On the 17th POSCO E&C (vice chairman & CEO, Chung Dong Hwa) signed an agreement worth $400 million (USD) with Formosa Ha Tinh Steel Corporation, a Vietnamese steel subsidiary of the Fomosa Group of Taiwan, to construct a facility that will process materials for steel works.

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The signing ceremony held the same day at the Posco E&C Tower in Songdo, Incheon, was attended by Lin Hsin-i, Chairman of Formosa Ha Tinh Steel Corporation, Yang Hong-chi, President of Formosa Ha Tinh Steel Corporation, Chung Dong Hwa, Vice-Chairman of Posco E&C and many other VIPs.

Material used in the production of steel, including iron ore, will be variously unloaded from ships, put away, transported and crushed inside the new facility.

It is to be part of Fomosa Ha Tinh Steel’s in Ha Tinh, Vietnam, which is planned to go fully operational by May 2015. The construction of the facility, capable of processing up to 7 million tons per year, will commence in February next year and is scheduled to end in January 2015.

The landing of the deal is testament to Posco E&C’s global technological capability and competitiveness in the steel making sector, as it beat over 10 leading contractors (CTCI, Bao Steel, MCC etc.) from Taiwan, mainland China and other countries to secure the deal.

Posco E&C expects that this Fomosa deal will usher in more opportunities for the company to take part in bids for Fomosa Ha Tinh’s subsequent projects, including steel plants and petrochemical facilities in the country.

Posco E&C is a contractor capable of performing projects involving any processes found in an integrated Steel Plant Complex, including iron making, steel making and continuous casting, on a turn-key basis covering everything from engineering, procurement, construction and test operations. Its globally recognized technological capability and price competitiveness, as demonstrated in the winning of a deal worth $4.3 billion in December 2011 to construct the Brazil CSP Steel Plant Complex and Indonesia steel plant project, is cementing its status as a global leading contractor.

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Written by asiafreshnews

December 19, 2012 at 10:51 am

Posted in Business & Finance

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