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Biz News Korea(Eng)
Posco’s processing center in Vietnam booming
- Collected
- 2016.09.06
- Distributed
- 2016.09.07
- Source
- Go Direct
Posco bought Vietnam Hanoi Processing Center located 50 kilometers southeast of Hanoi from Japanese steel trading firm Metal One Corp. in July, 2009. It was deficit-ridden with sales stopping at 5,000 metric tons. It processed steel for cars, electronics, and construction.
Posco had the mill turn out cold-rolled plates, color-coated steel and billet products. The mill began to make profit from 2013. Expansion in manufacturing facilities in Vietnam by Korean and Japanese makers as a cheaper labor alternative to China bolstered revenue.
LG Electronics decided to expand production base in Haiphong, Vietnam, with an investment of $1.5 billion. Posco beefed up capacity to meet demand by LG Electronics.
The northern part of Vietnam has drawn top electronics makers like LG Electronics and Samsung Electronics as well as smaller players. Posco plans to upgrade the facility to up production capacity and share for more high-performance products tailored for IT companies from Korea and Japan.
By Park Yong-beom
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