The factory in the My Xuan A2 Industrial Zone was built at a cost of VND18.368 trillion (US$1.15 billion in 2009 when the company was established).— File Photo

BA RIA – VUNG TAU (Biz Hub)— Production began yesterday at the China Steel Sumikin Viet Nam Joint Stock Company in southern Ba Ria – Vung Tau Province, providing 800 jobs.

The factory in the My Xuan A2 Industrial Zone was built at a cost of VND18.368 trillion (US$1.15 billion in 2009 when the company was established).

It has an annual capacity of 1.2 million tonnes of pickled and oiled steel coil, cold rolled coil, steel sheets, and hot dip galvanized steel.

They are meant for use in construction and manufacture of automobiles, motorbikes, home appliances, and pipes.

CSVC has a charter capital of $574 million and is owned mostly by China Steel Corporation (Taiwan, 51 per cent) and Nippon Steel&Sumitomo Metal Corporation (Japan, 30 per cent).

Formosa Ha Tinh Steel Corporation (Taiwan), Sumitomo Corporation (Japan), and Nippon Steel&Sumikin Bussan Corporation (Japan) each hold 5 per cent, and Chun Yuan Steel Industry Co. and Hsin Kuang Steel (both Taiwan) own 2 per cent apiece — VNS