Posco to buy Vietnamese steelmaker
Posco, the Republic of Korea (RoK)'s
leading steelmaker, said on July 17 that it will buy a Vietnamese
steelmaker as part of efforts to meet growing demands in the Southeast
Asian region.
Posco, the Republic of Korea (RoK)'s
leading steelmaker, said on July 17 that it will buy a Vietnamese
steelmaker as part of efforts to meet growing demands in the Southeast
Asian region.
Posco said in a statement that its board of directors has approved the purchase of a 90-percent stake in the Asia Stainless Corporation, the Yonhap news agency reported.
Located near Ho Chi Minh City, Asia Stainless is Vietnam's only cold rolled stainless steel producer. The company's annual production capacity is 30,000 metric tonnes, but it is currently carrying out work to enable the plant to raise its output to 85,000 tonnes by next year.
The financial details were not revealed in the statement, however the RoK news agency said that it would be around 50 million USD.
Posco also plans to build a galvanised-steel plate factory in western India with an annual output of 450,000 tons, which will begin production in 2012./.
Posco said in a statement that its board of directors has approved the purchase of a 90-percent stake in the Asia Stainless Corporation, the Yonhap news agency reported.
Located near Ho Chi Minh City, Asia Stainless is Vietnam's only cold rolled stainless steel producer. The company's annual production capacity is 30,000 metric tonnes, but it is currently carrying out work to enable the plant to raise its output to 85,000 tonnes by next year.
The financial details were not revealed in the statement, however the RoK news agency said that it would be around 50 million USD.
Posco also plans to build a galvanised-steel plate factory in western India with an annual output of 450,000 tons, which will begin production in 2012./.
You should also see
World economy’s recovery drives Vietnam’s exports
With the recovery of the world market and increasing orders, Vietnam's import and export activities in the first quarter of 2024 prospered and achieved positive results.
See more
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
Business
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
Business
Cam Lam - Vinh Hao Expressway to help drive south-central region's economy
The 78.5km Cam Lam - Vinh Hao Expressway, one of the three sub-projects of the North - South Expressway project’s eastern wing, officially opened to traffic on April 26.
Business
Vietnam needs drastic reforms to create firm ground for economic growth: experts
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
