South Korean steelmaker Posco has opened a $528M plant in Vung Tau, near Ho Chi Minh City, Vietnam.

The 32-hectare plant can produce 1.2Mt/y of cold-rolled steel, making it the largest cold-rolled steel plant in Southeast Asia. The company hopes to export to the Southeast Asia region, which imports 30Mt/y of steel.

The opening ceremony was attended by over 700 people, including Minister of Industry and Trade Vu Huy Hoang and other high-level Vietnamese government officials. In the second phase in 2012, Posco will invest a further $605M to build a hot rolling mill with a capacity of 3Mt/y and a galvanizing plant of 400kt/y.