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Reportedly, Posco E&C gained an agreement worth US$400 million with Formosa Ha Tinh Steel Corporation, a Vietnamese steel subsidiary of the Formosa Group Taiwan, to construct a facility that process materials for steel works. The new facility is estimated to operate by May 2015 and capable of processing up to 7 million tons per year. The landing of the deal is testament to Posco E&C's global technological capability and competitiveness over 10 leading contractors. It also won a deal worth US$4.3 billion with Brazil's CSP Steel Plant Complex and Indonesia steel plant project in December 2011.