Last updated: Thursday, October 23, 2014
TISCO - Leading Light of Steel IndustryPosted: Thursday, May 03, 2012
Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO), set up in 1959, is the cradle of the Vietnamese metallurgical industry, the first and unique industrial zone in Vietnam to have a closed production process from exploiting coal and iron ores to manufacturing pig iron, steel and rolled steel. On November 29, 1963, the first batch of the company’s cast iron was rolled out, marking an important milestone in national construction and development.
On July 1, 2009, the company was officially transformed from a wholly State-owned enterprise into a partially private-owned business. At present, TISCO has 17 branches and member units with 6,000 employees and eight partially owned companies located in nine northern provinces. Its main production mills are situated in Luu Xa area, south of Thai Nguyen City, the capital of Thai Nguyen province. In 2011, its production output reached 230,000 tonnes of cast iron and approximately 400,000 tonnes of steel ingots. Thus, the firm made revenues of VND9750 billion and a net profit of VND170 billion. At present, its product distribution system has branches in Hanoi, Quang Ninh, Thanh Hoa, Nghe An and Da Nang, a sales office in Ho Chi Minh City, and a nationwide distributor network.
Since it went public, TISCO has been more active in its business operations. The firm has aggressively directed its units to implement measures to practice thrift and combat wastefulness in all the fields. It checked technical and economic criteria in all units, reviewed depreciation criteria, and adjusted production targets. It also granted more power for its units to boost business efficiency. In addition, it actively applied scientific and technological advances to production to create better products for the market. It also encouraged its employees to contribute innovations to rationalise production to boost productivity and reduce costs.
After nearly 50 years of construction and development, its outstanding advantages in manufacturing steel ingots from domestic iron ores; its advanced rolled steel production lines and technologies; its nationwide distribution networks; its comprehensive investment and development strategies; its “all for the benefit of investors” policies and “top quality, competitive price, diversified product and service” action guideline are the basic elements for the company’s success and a solid foundation for its long-term sustainable development.
Since its inception, TISCO’s steel products have become popular throughout the country and have been used in most key national projects like Hoa Binh hydropower plant, Yaly hydropower plant, Son La hydropower plant, 500-KV North - South power transmission line, My Dinh National Stadium, Thang Long Bridge, Chuong Duong Bridge, and many other works. Its products have also penetrated international markets including Canada, Indonesia, Laos and Cambodia. TISCO-branded steel has won many awards like Vietnam High Quality Award, Vietnam Golden Star Award, Vietnam Well-known Brand Award, and Vietnam Prestige Brand Award, among others.
With its special achievements and contributions to national construction and development, the company was honourably awarded the Hero of the People's Armed Forces Title, Third-grade and Second-grade Independence Orders, and other noble awards from the Party and the State. These achievements demonstrated the strong position of the company on both domestic and international markets.
Following the success of the first phase of its upgrading project, the company continued with an investment of VND3,800 billion for the second upgrading phase to increase steel ingot output to 500,000 tonnes a year. The project was started on September 29, 2007. In addition, the company built the Thai Trung rolled steel mill with an annual capacity of 500,000 tonnes, in which it held 51 percent stake. It also invested in a metal alloy plant in Phu Tho province with a yearly output of 30,000 tonnes, which is expected to begin production in 2012.