Construction of a steel mill with an annual output of 250,000 tonnes began in Thanh Binh industrial zone in the northern mountainous province of Bac Kan on June 4.

The project has an investment capital of over VND 1 trillion (US$55.5 million) from the Van Loi Mineral and Metallurgy Co. Ltd.

According to Van Loi’s Director Tran Manh Hung, once it goes into full operation in August 2010, the plant will help reduce the amount of steel ingots the country needs to import, create jobs for over 1,200 people and contribute VND 115 billion (US$6.3 million) to the local budget. (VNA)