Japan trader Hanwa buys 65 percent of Vietnamese steel coil plant
Hanwa Co., a Japanese firm trading in a wide range of products including steels and construction materials, has bought a 65-percent stake in a Vietnamese steel coil maker, according to NNA Japan.
Tokyo (VNA) - Hanwa Co., a Japanese firm trading in a wide rangeof products including steels and construction materials, has bought a65-percent stake in a Vietnamese steel coil maker, according to NNA Japan.
The move is said to capitalize on the growing demand for steel in Vietnam’s fast-growing northern region.
Hanwa acquired the shares in SMC Hanoi One Member Co. from a major Vietnamese steelproducts wholesaler, SMC Trading Investment Joint Stock Co., effective August21, the Osaka-based trading company said in a statement on August 30. They renamed the steel coil service subsidiaryHanwa SMC Steel Service Hanoi Co.
The coil plant located in Hanoi is capableof processing 10,000 tonnes a month and isequipped with two large-sized slitters, which adjust the width of coilssupplied by steelmakers, and one large-scale leveler among other machinery.
NNA quoted a Hanwa spokesman as saying that the deal is the company’s first direct investment in the Hanoi region.“This is also our first investment to acquire a majority stake of more than 50percent in a coil center in Vietnam,” said the spokesman.
Hanwa also owns 20 percent of shares in SMCTrading Investment. It has invested in a steel coil center, an affiliate ofJapan’s Nippon Steel Trading Corp., located in the southern Vietnamese provinceof Binh Duong./.
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Illustrative image (Source: VNA) 
