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China Steel Sumikin Vietnam JSC Holds Groundbreaking Ceremony
09/12/2011 - China Steel Sumikin Vietnam Joint Stock Co., a joint venture of Sumitomo Metal Industries, Ltd. and China Steel Corp. held its groundbreaking ceremony on September 8th, 2011. The JV business is preparing to start operation in 2013.
China Steel Sumikin Vietnam Joint Stock Co. (CSVC), a joint venture of Sumitomo Metal Industries, Ltd. and China Steel Corp. held its groundbreaking ceremony on September 8th, 2011.
CSVC is a Greenfield project to manufacture and supply galvanized steel sheet for automobiles and electronic appliances and electromagnetic steel sheets for motors and electric vehicles. This is the first overseas project in this business for Sumitomo Metals and China Steel, and represents the first time that production lines for those products are installed in ASEAN. With an annual capacity of 1.6 million tonnes, CSVC will become one of the largest steel sheet manufacturing bases in Vietnam.
CSVC obtained the investment certificate from the Vietnam Government in 2009 and has been preparing to start operation in 2013. The joint venture business will manufacture and sell hot rolled steel plate, pickled and oiled steel sheet, cold rolled steel sheet, hot-dip galvanized steel sheet, and electrical steel sheet. Equipment will include a heavy gauge shearing line, pickling and tandem cold rolling mill, continuous annealing line, continuous galvanizing line, and an annealing and coating line.
The CSVC groundbreaking ceremony, which was held September 8 at My Xuan A2 Industrial Zone, Ba Ria-Vung Tau Province, Vietnam, was attended by around 500 people including the Deputy Minister of Ministry of Industry and Trade, Deputy of Ba Ria-Vung Tau Province, government officials, the Japanese Consul General, and representatives from invested companies.
At the ceremony, Mr. Tomono, President of Sumitomo Metals, stated that “Together with my partners in Vietnam and those from Taiwan and Japan, we would like to nourish new business spirits, create corporate value, and contribute to Vietnam’s development.”
China Steel Sumikin Vietnam Joint Stock Co. shareholders include China Steel Corp. of Taiwan (51%); Sumitomo Metal Industries, Ltd. of Japan (30%); and Sumitomo Corp. of Japan (5%), with others holding the remaining 14%.
