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Taiwanese Tung Ho Steel has invests in Vietnam steel plant

Steel News - Published on Fri, 22 Mar 2019

Image Source: Taoyuan Works
VnExpress reported that Taiwan’s Tung Ho Steel has invested a total of VND 4.22 trillion (USD183 million) in a plant in southern Vietnam as it seeks to take on local players. Tung Ho chairman Mr Huang Bing Hua said “The company chose Vietnam because the market had seen a compounded annual growth rate of 20% in the 2014-2017 period. But there are signs of supply exceeding demand and some steel products are being slapped anti-dumping steel in other countries. What foreign companies have to deal with in Vietnam is competition with traditional brands. To achieve competitive pricing, Tung Ho has invested in advanced technologies to reduce 75% of energy consumption and carbon dioxide emissions”

The plant, which has been operating since 2008 in Ba Ria Vung Tau Province, has an annual capacity of 1 million tonnes of steel billets and 600,000 tonnes of hot-rolled steel.

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Posted By : Rabi Wangkhem on Fri, 22 Mar 2019
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