Global Fastener News

Report: Tycoons Group To Build Vietnam Billet Plant

Jason Sandefur

Taiwanese wire rod and fastener manufacturer Tycoons Group has received a license to invest in Vietnam, Metal Bulletin News reported. However, Tycoons declined to provide details about the companies plans, which reportedly include building a 5 million tons-per-year billet plant.
Local press reports said the company had received approvals to construct the $1 billion plant in Vietnam’s Dung Quat Economic Zone in central Quang Ngai province. Construction will begin in 2006 and be completed in 2015, although initial operations will start in mid 2009, reports claimed. Upon completion, the facility will employ an estimated 13,000 workers.
Vietnam produced about 900,000 tons of billet in 2004 and imported about 2.2 million tons, according to Metal Bulletin. Sharp increases in billet production are expected as demand remains strong. As much as 2.6 million annual tons of capacity is expected to be in place by early 2006. �2005 FastenerNews.com