Tata Steel enters into pact with Vietnam steel co

摘要

The largest steel maker of the country ,Tata Steel has signed a 5 billion dollars joint venture agreement with Vietnam Steel Corporation (VnSteel) and Vietnam Cement Industries Corporation (Vicem) for establishing a steel complex in Vietnam.Tata Steel will own 65 per cent stake in the joint venture, while Vietnam Steel Corporation gets 30 per cent and the remaining 5 per cent goes to Vietnam Cement Industries. Both these companies are state-owned firms. Vietnam Steel is Vietnam's largest steel company and currently produces around five mt steel per annum.The integrated steel plant, which will be set up in Vung Ang Economic Zone in Ha Tinh province, will be built in three phases. In the first phase, a cold rolling mill will be commissioned by the end of 2010.The move is part of an effort by many Indian companies to secure supplies of raw materials overseas, as a booming economy makes these appear a scarce resource at home.