SMC Providing Steel for Many Big Projects

SMC Commercial Investment Joint Stock Company has signed agreement to provide over 40,000 tons of steel of various kinds for Time Square project (address 22-36 Nguyen Hue and 57-69F Dong Khoi, Ben Nghe Ward, District No. 1, Ho Chi Minh City) of Hoang Anh Gia Lai Group.

 

The square is measured at 163.8 metres in height with total investment of over VND125 million. The square will be located in the heart of Ho Chi Minh City. SMC will also supply over 30,000 tons of steel for Bauxite project.

 

In the first quarter of 2009, SMC produced over 130,000 tons of steel, meeting 40 percent of its full year target. It made net profit of VND13.26 billion on gross revenue of VND1,259.6 billion, fulfilling 33.15 percent and 30 percent of the yearly targets, respectively. SMC said it would make profit of surpassing at least 30 percent compared to its yearly target set.

 

SMC has also signed a deal to lend land at the Hiep Phuoc industrial park and established Hiep Phuoc SMC One-Limited Company with registered capital of VND30 billion to build a steel mill at a total cost of VND60 billion in the park. The mill is due for operational in 2010.

 

Posco, the world’s third biggest steel group, has recently approved to a steel project worth US$361 million in Phu My industrial park in Ba Ria-Vung Tau province. The plant is expected for completion in late 2009.