Production began on 14 Oct at the China Steel Sumikin Vietnam Joint Stock Company (CSVC) in southern Ba Ria – Vung Tau Province, providing 800 jobs.
The factory in the My Xuan A2 Industrial Zone was built at a cost of VND18.368 trillion (US$1.15bn) construction starting in 2009 when the company was established.
It has an annual capacity of 1.2Mt/y of pickled and oiled steel coil, cold rolled coil, steel sheet, and hot dip galvanized steel. The markets are construction, automobiles, motorbikes, home appliances, and pipes.
CSVC has a capital of $574M and is owned by China Steel Corporation of Taiwan, (51%) and Nippon Steel & Sumitomo Metal Corporation of Japan (30%). Formosa Ha Tinh Steel Corporation (Taiwan), Sumitomo Corporation (Japan), and Nippon Steel & Sumikin Bussan Corporation (Japan) each hold 5%, and Chun Yuan Steel Industry Co and Hsin Kuang Steel (both Taiwanese) own 2% each.
Source Daily ‘Vietnam News’, Hanoi; 15 Oct 2013