Leading Chinese metals company China Metallurgical Group Corporation has emerged as one of the top bidders for building Indian steel giant Essar Steel's [Get Quote] two million tonnes steel plant in Vietnam.

The proposed steel plant is a joint venture wherein Essar would hold 65 per cent stake, VSC 20 per cent and the rest 15 per cent would be held by Vietnam General Rubber.

"MCC is among the bidders for the contract to build Essar's 2 MT per year hot strip mill in Vietnam," the Metal Bulletin reports said.

It said the joint venture company, Essar Vietnam Steel Corporation, is in the process of awarding a two-year engineering, procuring and construction contract for the mill to be built in Ba Ria-Vung Tau region of Southern Vietnam.