Japanese steelmaker JFE Steel Corporation has announced that it has signed a contract to pay $225 million to acquire a five percent stake in Formosa Ha Tinh Steel Corporation (FHS), a joint-venture company that is currently constructing Vietnam’s first integrated steel mill.
The project is being led by FHS’s founder, Formosa Plastics Group (FPG), a Taiwanese integrated supplier of petrochemicals. Currently, FPG owns 81 percent of shares, while CSC holds 19 percent of shares. Following the acquisition, FPG will own 70 percent, CSC will own 25 percent and JFE Steel will have five percent of shares.