Kyoei Steel announced that Vietnam-Italy Steel (VIS) in Northern Vietnam has begun construction work on a new rolling plant. A groundbreaking ceremony was held on January 18th, and it was attended by representatives of VIS and the construction company handling the work for the rolling plant.
Kyoei Steel had been postponing their measures for strengthening and expanding the rolling capacities of their businesses in Vietnam and Canada due to worsening economic conditions and other factors, but in October 2023 the company decided to resume pursuing those measures. By focusing their efforts on investments to strengthen and expand their overseas businesses, the company will aim to lay the groundwork for their growth.
VIS owns a rolling plant in Hung Yen Province and a steelmaking plant in Haiphong City, and they faced challenges in terms of realizing efficient operations due to the 2 aforementioned plants not being located within the same lot. Constructing a rolling plant within the lot of the steelmaking plant in Haiphong will enable VIS to conduct integrated production operations of steelmaking and rolling, and VIS will utilize this to strengthen their competitiveness against competitors. The investment amount is around 80 million dollars, and the annual production volume of VIS will increase from 500,000 tons to 800,000 tons. The new plant is expected to begin operations from April 2025.
