“We have done the study and its feasible,” Chief Executive Officer William Cheng said in an interview in Hong Kong.
The facility could be completed in four phases over 12 years, he added.
Lion Group said last September it had teamed up with Vietnam’s state-run Shipbuilding Industry Group (Vinashin), to conduct a feasibility study of the project.
A consortium would be formed to undertake the steel plant project.
The Lion Group is involved in a wide range of businesses from steel to property development.
It has operations in the region including Indonesia, China, Taiwan and Hong Kong, as well as the US and Mexico.
Vinashin is the largest shipbuilding company in Vietnam and is expanding its operations into other areas such as financial investment and transportation services.
Source: Bloomberg