Vietnam Steel Corporation (Vietnam's largest steel company), Vietnam Cement Industries Corporation (Vicem) and Tata Steel, world's sixth largest and Asia's first integrated steel company recently signed a Joint Venture Agreement for the proposed steel complex in Vietnam.

This 4.5 million ton per year steel complex will be set up in the Vung Ang Economic Zone in Ha Tinh Province. The Integrated Steel Plant will be built in three phases at a total estimated cost of US$ 5 bn. While the ultisate capacity of the steel complex will be 4.5 million tonnes per year, the first phase of the complex will be a Cold Rolling Mill to be commissioned by end 2010.

Mr. Dau Van Hung, President of Vietnam Steel Corporation, Mr. Nguyen Ngoc Anh of Vietnam Cement Industries Corporation and Mr. B Muthuraman, Managing Director of Tata Steel signing JVA in Hanoi

Tata Steel will have a stake of 65%, Vnsteel will have a stake of 30% and Vicem will hold 5% in the Steel project. It may be recalled that the MOU for this steel project was signed on 29th May 2007. Subsequently Definitive agreements were signed today after completion of detailed feasibility studies.

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