Sumitomo sets up steel production joint venture in Vietnam
Japanese Sumitomo group plans to establish a joint venture with the SMC Company in Ho Chi Minh City in Vietnam in April 2012 that will specialize in supplying and distributing steel for major projects.
Sumitomo said it will cooperate with some Japanese companies in producing steel for investors and the SMC Company will be in charge of setting up offices, workshops and warehouses.
Demand for steel in the construction of highways, railways and high-rise buildings is expected to rise by 60 per cent to 8 million tonnes in 2013 as compared to 2010.
Sumitomo will focus on producing high-quality steel for use in Vietnam in order to earn around $125 million in revenue by 2015.
Nippon Steel & Sumikin (NISC) and Marubeni-Itochu Steel (Benichu) are also keen to set up joint venture plants in Vietnam.
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