The SMC Investment Trading Joint Stock Company (SMC.VSE) )inaugurated a 44 billion VND (2.75mio US$) steel factory in Phu My 1 Industrial Park (IP) in the southern coastal province of Ba Ria-Vung Tau on Mar. 16.
Covering 2.1 hectares, the SMC Phu My Steel Factory has an annual output of 30,000 tonnes of products which are used in construction, shipbuilding, bridge engineering and electrical industries.
SMC is also carrying out a project worth 200 billion VND (12.5mio US$) to build a mechanical manufacturing factory in the Phu My 1 IP.
The project is expected to become operational in late 2008 to meet growing demands for mechanical-steel products both at home and abroad.
The company sold 250,000 tonnes of steel last year and has targeted to hold 4.5-5% of the domestic market share by 2010 (around 450,000-500,000 tonnes).
Source: VNA
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