Japanese steel giant Nippon Steel Corporation has announced it decision to construct a new plant in Vietnam for the production of steel pipe piles and steel pipe sheet piles, jointly with state-owned Vietnam Steel Corporation and five Japanese trading companies, namely Metal One Corporation, Sumitomo Corporation, Marubeni-Itochu Steel Inc., Hanwa Co., Ltd and Nippon Steel Trading Co., Ltd.
Nippon said that it has obtained an investment license for such a project from the relevant local authority. The company said that it will be the first production base of Nippon Steel for steel for construction uses outside of Japan.
"We are confident that this investment in Vietnam to create a local supply capability will accelerate the growth in consumption of structural steel materials," the company said.