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Published on Tuesday, 15 January 2008

SSESTEEL Obtains Licence for Billet Plant

SSESTEEL Obtains Licence for Billet Plant

 
A.C.N. 063 656 333
A.B.N. 64 063 656 333
VIETNAM INDUSTRIAL INVESTMENTS LIMITED
 
15 January 2008
 
 
Company Announcements Office
ASX Limited
Exchange Plaza
2 The Esplanade
PERTH WA 6000
 
Dear Sirs
 
SSESTEEL OBTAINS LICENCE FOR BILLET PLANT
 
Vietnam Industrial Investments Limited (“the Company”) wishes to announce that its wholly owned subsidiary, SSESTEEL Limited (“SSESTEEL”), has obtained an investment certificate to implement a billet plant in Haiphong with an investment capital estimated at VND 893 billion (equivalent USD56 million).
 
This investment will allow Vinausteel (VII 70%) and SSESTEEL, to secure a stable supply of billets which is critical to the operating capacity of these operations.
 
The investment, for an electric arc furnace with a capacity of 500,000 tonnes per annum, will be located on a 7.4 hectare site adjacent to the Vinausteel Limited (VII 70%) and SSESTEEL rolling mills and is expected to be completed in 2009.
 
SSESTEEL is considering various designs and equipment suppliers for the project. The Company is assessing its financing options and may seek a suitable strategic partner to participate in the project. A new company will be established to implement the billet plant which will be known as Australia Steel Billet Co. Ltd.
 
Yours faithfully,
 
 
 
 
HENRY LAM
Managing Director
(Vietnam Operations)
 
 
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