Authorities in north-central Thanh Hoa province have given in-principle approval to a project building a steel mill with total investment of VND5.5 trillion ($231 million) in the Nghi Son Economic Zone.

Invested in by the DST Nghi Son Iron Steel Joint Stock Company, the project will cover 51 ha and have an annual production capacity of 980,000 tons of hot rolled coil in the first phase.

In the second phase, the plant will produce 30,000 tons of steel structures and 300,000 tons of steel products such as pipes and boxes.

The Nghi Son Economic Zone and industrial parks in Thanh Hoa target VND26 trillion ($1.09 billion) in production value by businesses this year and VND5.7 trillion ($239 million) worth of exports. The businesses are also expected to generate 10,000 jobs.