Tata Steel Forms Joint Venture to Set Up $5 Billion Steel Complex in Vietnam

BANGALORE, INDIA--August 21, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--Within days of withdrawing a proposed investment plan of $3 billion in Bangladesh because of the country's prevalent political instability and the non-committal stance of the government, Tata Steel (BOM:500470) (Mumbai, India) firmed up its plans of developing a steel complex with a capacity of 4.5 million tons per year in Vietnam. The project will have an estimated cost of $5 billion. Essar Steel (Mumbai), POSCO (NYSE:PKX) (Pohang, South Korea) and Baosteel (Shanghai, China) were also reported to be in the race with Tata Steel for the project.