Japanese steel corporation to invest US$220 mln in Vietnam
JFE Steel, Japan's second-biggest steelmaker, has announced it will invest US$220 million in a steel work plant being constructed by the Formosa Plastics Group (China) in the central province of Ha Tinh.
Speaking in a press conference in Tokyo, Shinichi Okada, Executive Vice President of the JFE Holdings Inc – JFE Steel's parent, said that the investment is part of the corporation’s mid- to long-term growth strategy given Japan’s local demand is shrinking.
JFE plans to purchase 5 percent stake in the plant's operating company, Formosa Ha Tinh Steel (FHS), which is investing US$10.5 billion in the first phase to build a rolling and metallurgy workshops in Ha Tinh.
Operations, with an initial capacity of 7 million tonnes of crude steel a year, are set to begin this autumn.
JFE will provide technical support and sell some of the products made at the plant through its customers in Southeast Asia.
JFE plans to purchase 5 percent stake in the plant's operating company, Formosa Ha Tinh Steel (FHS), which is investing US$10.5 billion in the first phase to build a rolling and metallurgy workshops in Ha Tinh.
Operations, with an initial capacity of 7 million tonnes of crude steel a year, are set to begin this autumn.
JFE will provide technical support and sell some of the products made at the plant through its customers in Southeast Asia.