The Ministry of Planning and Investment has received the profile of a project by Tycoons Steel International Co to produce steel.

The company plans to build a steel refinery plant in Dzung Quat Industrial Zone in central Quang Ngai province capitalised at more than US$1 billion with capacity of 5 million tonnes of steel ingots a year. The plant will have an investment of US$539 million in the first phase (2006-2009) and be capable of producing around 2 million tonnes of ingot a year. Production will then increase to 3 million tonnes with investment of US$500 million in the second phase by 2013.

Head of the Dzung Quat IZ Management Board Tran Le Trung said Tycoons will start construction of the plant in July.