Sumitomo Metal, Taiwan’s China Steel to Form Vietnam JV

Tokyo, Aug. 22 (Jiji Press)–Japan’s Sumitomo Metal Industries Ltd. said Friday that it and Taiwan’s top steelmaker, China Steel Corp., have signed an accord to establish a steel sheet-making joint venture in Vietnam.

The new company, China Steel Sumikin Vietnam Joint Stock Co. (CSVC), is slated to start operations in early 2012, annually producing 1.6 million tons of high-quality steel sheet products, including galvanized steel, using hot-rolled steel provided by Sumitomo Metal and China Steel.

Investment in the joint venture will total 1.15 billion U.S. dollars, of which 51 pct will be put up by China Steel and 30 pct by Sumitomo Metal.

CSVC will be set up in the My Xuan A2 industrial park, located 60 kilometers southeast of Ho Chi Minh City.

The steel sheets produced by CSVC will be supplied mainly to automakers and consumer electronics makers in Vietnam and other Southeast Asian nations.END

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