Vietnam eyes $300-mln steel venture with Essar

HANOI, Mar 6 (Reuters) Vietnam's state-run Vietnam Steel Corporation is seeking to build a 0-million hot-rolled steel mill in a joint venture with Indian steel maker Essar Steel Ltd., state media reported on Monday.

If approved, the mill would be Vietnam's first to produce hot-rolled steel and have a designed capacity of 2 million tonnes per year, the Dau Tu (Investment) newspaper quoted officials of the Vietnamese firm as saying.

They said the mill would be built in the southern province of Ba Ria-Vung Tau and construction would take around two years.

The reports did not give further details of the proposed joint venture and officials could not be reached for comment immediately.

Vietnam still relies heavily on the import of steel billets, mainly from China, with overall imports of steel and billets in January and February totalling 6 million, or 35.2 per cent down from a year earlier.

REUTERS SD DS1608