South Korean steel giant Posco announced plans to set up a new cold rolling plant in Vietnam. The company plans to invest around US$361 million to set up the plant in Ba Ria-Vung Tau, a southern coastal province of Vietnam. Construction on the 700, 000 tpy plant is expected to start in October 2007 with operations expected to begin by the end of 2009. Posco also earlier announced a planned investment of US$262 million to set up a 400, 000 tpy galvanizing cold rolling plant in Mexico. With these two new investments, Posco will have 50 subsidiaries around the globe. (Oct. 23)