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December 03, 2008


Formosa Plastics to invest USD 8 billion in Vietnam steel mill - Report

The Economic Daily News reported Formosa Plastics group is planning to invest USD 8 billion to build a steel mill in Vietnam with annual capacity of 15 million tonnes.

The News paper citing Mr Wang Wen yuan group chairman of Formosa Plastics as saying that five group members will participate in the Vietnam project
1. Formosa Plastics Corp
2. Nan Ya Plastics Corp
3. Formosa Petrochemical Corp
4. Formosa Chemicals & Fibre Corp
5. Formosa Heavy Industries Corp

The group ruled out the possibility of teaming up with China Steel Corp on the Vietnam project. It added that the group is still awaiting government approval to set up a steel mill in Yunlin County in central Taiwan.

Mr Wang said the Yunlin steel mill may require investment of over TWD 200 billion higher than the original estimate of TWD 137.3 billion due to a rise in raw material prices.