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Sheet steel plant stake sold to Italian equipment supplier
Italian Danieli Group has bought a 19.5 per cent stake in Viet Nam Steel Corporation's sheet steel plant being built in the Phu My area, 100km southern of HCM City.
The Danieli Group is one of the world's largest suppliers of equipment for steel production projects. It has been in Viet Nam for 10 years.
According to media reports, VN Steel chairman Dau Xuan Hung said Danieli would be in charge of the plant's equipment and will help finance the completion of the plant.
Danieli Executive Vice President Antonello Mordeglia said the investment reflected his group's confidence in the country's business environment and the capacity of its Vietnamese partners.
The US$550 million sheet steel plant, located in the Phu My area, will have a capacity of 2 million tonnes a year when completed at the end of next year.
The four major investors are Viet Nam Steel Corporation, Danieli Group, Viet Nam Rubber Group and Da Nang Steel Company.
Deputy Minister of Industry and Trade Le Duong Quang said the project would meet domestic demand and thus cut imports.
It would also help boost political and economic co-operation between Viet Nam and Italy.
vietnamnews
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