Vietnam approves steel sheet JV of Sumitomo Metals and CSC

Thursday, 21 May 2009 14:10:18 (GMT+3)   |  
       

Japanese steel tubes and pipes producer Sumitomo Metal Industries (Sumitomo Metals) and Taiwan-based steel producer China Steel Corporation (CSC) have announced the receipt of approval from the Vietnamese government for their joint venture (JV) investment in an advanced steel sheet project. The establishment of the JV was delayed due to factory site changes ordered by the local government.

As SteelOrbis previously reported, the new steel sheet mill, China Steel Sumikin Vietnam Joint Stock Company (CSVC), with a planned production capacity of 1.6 million mt per year, will be specialized in the production of hot-cut sheet, pickling and oiling steel coil, cold rolled coil, and electromagnetic steel sheet for the Vietnamese market and for the markets of surrounding countries. The mill is scheduled to start production at the beginning of 2012.

The total investment in the new steel sheet JV amounts to about $1.15 billion, being one of the largest collaborations between Sumitomo Metals and CSC Group.

Both companies are to provide technical support to CSVC to meet growing requirements from customers in Asia in terms of quantity and quality of products.


Similar articles

US sheet prices tick up modestly ahead of Easter weekend

28 Mar | Scrap & Raw Materials

Flat steel prices in local Taiwanese market - week 13, 2024

28 Mar | Flats and Slab

Ex-India HDG and CRC prices edge down, trade remains in doldrums

28 Mar | Flats and Slab

Ex-China CRC offer prices fail to recover amid futures price drop

27 Mar | Flats and Slab

CRC consumption in Mexico up 23.4 percent in January

26 Mar | Steel News

CRC import price offers stable in Brazil

25 Mar | Flats and Slab

Indian CRC prices stable amid thin trading and negative manufacturing outlook

25 Mar | Flats and Slab

Stocks of main finished steel products in China down 0.6 percent in mid-March

25 Mar | Steel News

US flats source believe HRC prices are “at or near the bottom”

22 Mar | Flats and Slab

Romania’s sole flats mill cuts HRC prices, raises HDG and PPGI prices

22 Mar | Flats and Slab