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Viet Nam Steel Corporation lists shares on UpCOM
The Viet Nam Steel Corporation (TVN) had its 678 million shares officially listed on the unlisted public company (UpCOM) yesterday.
At the price of VND10,000 (44 US cents) for each share, it is now the country's second largest capital company of this type after the Masan Resources (MSR) in the market with a capital of VND6.78 trillion ($302.4 million).
With its initial public offering in 2011, the Ministry of Industry and Trade now holds 93.93 per cent of the corporation while the last 41.2 million shares is held by other investors.
VNSteel, which has 10 subsidiaries and 24 affiliated companies, produced steel and other metals, and exploited iron ore. It also carried out import-export and trade in steel products, fuels, steelmaking materials, and scrap, in addition to rubber, petroleum, grease, gas and other materials.
TVN controlled 42 per cent of the building steel market in the country.
Compared to 2014, TVN produced 1.6 million tonnes billet last year, an increase of 23.7 per cent, and its finished steel products reached 3.3 million tonnes, up 27.7 per cent, with consumption capacity of 3.7 million tonnes, up 31.2 per cent, over 2014.
Last year, it reached a consolidated profit of VND150 billion ($6.69 million).
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