VNSTEEL, DANIELI sign the shares transfer agreement of hot strip mill.

VNSTEEL, DANIELI sign the shares transfer agreement of hot strip mill.

The Viet Nam Steel Corporation - VNSteel and the Italian Danieli group on March 11 officially signed a contract on the transfer of a 20% share in Viet Nam’s first sheet steel plant with an annual capacity of 2 million tons.

10/08/2021 15:33

The agreement was signed by Mr. Dau Van Hung, President of Vietnam Steel and Mr. Antonello Mordeglia, Executive Vice President, Key Account Management of Danieli Group.

The project, capitalized at US $ 550 million, is expected to make an important contribution to the steel sector’s development strategy and meet domestic demand for the product, as well as help reduce the need for the import of such product.

The project would also help boost political and economic cooperation between Việt Nam and Italy.

According to Antonello Mordeglia, the investment is proof of the group’s confidence in Việt Nam’s business environment and the capacity of its Vietnamese partners.

Earlier, on the occasion of Vietnamese State President Nguyen Minh Triet’s visit to Italy on December 10, 2009, VNSteel and Danieli Group signed the Agreement to set up a new joint venture, 80% Vietnamese and 20% Italian, to build the first hot strip mill in Phu My Area, 100 km Southeast of Ho Chi Minh City, Vietnam.