Japanese steelmaker Kyoei Steel has become a strategic shareholder of Vietnam-based steel manufacturer Vietnam Italy Steel Joint Stock Company (VIS) by acquiring 20 percent stake from Vietnam-based Thai Hung Trading Joint Stock Company, VIS’ biggest shareholder, with a consideration of VND 480 billion ($21.14 million), according to Vietnamese media sources.
Media sources stated that VIS’ management board expects the cooperation between VIS, Thai Hung and Kyoei Steel to help VIS to further develop in the future. In addition, the company also expects to receive technological support from Kyoei Steel to improve its production and business.