SMC Co. Gets License to Build US$14-Mln Steel Factory

SMC Trading Investment Joint Stock Company in June 2007 received the investment license to build a steel factory called “MECHANICAL FACTORY - SMC STEEL” with total capital of VND225 billion (US$14.06 million).

The factory focuses on producing and processing various kinds of steel such as steel pipe, beams, channel steel, and others to serve the construction and building industry, transport, mechanics, electronics, and others.

The project will be deployed this year on an area of 5.3 ha in Phu My I Industrial Zone, Ba Ria - Vung Tau province, with the annual capacity of 90,000 tons of steel. It is expected to become operational in September 2008 and be a strong foundation for development other steel products of SMC Company in the future.

The factory is the second steel mill of SMC being operated from March 2007, getting profit of VND4 billion and meeting the year’s target.