Strong stuff: SMC backs giant steel project

SMC Investment Trading Joint Stock Company is throwing its weight behind the mammoth Formosa’s Ha Tinh steel, port and power complex to meet its full potential.

Following a contract signed in November between Formosa Ha Tinh Company and SMC Investment Trading Joint Stock Company, the Ho Chi Minh City-based company will supply 100,000 tonnes of construction steel to Formosa’s Ha Tinh steel, port and power complex and the supply would reach 10,000 tonnes by the endof June.

Besides, SMC will also provide construction steel, hot-rolled sheet steel and shaped steel products to the centralHa Tinh province-basedcomplex’s sub-contractors for construction. With this landmark steel contract, SMC has received big concessionary credit packages from foreign banks to ensure smooth steel product provision to Formosa Ha Tinh as required by the developer.SMC is one of the leading suppliers of products and value-added processing services related to flat steel, cold drawn steel wires, steel weld mesh and other mechanical products.
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Formosa Ha Tinh is asking for Ha Tinh Provincial People’s Committee and the Vietnamese government’s approval to raise its investment capital from $9.9 billion to $28.5 billion. If the proposal gets the green-light, Formosa Ha Tinh complex wouldbecome Vietnam’s largest foreign invested project.
Formosa Ha Tinh complex consists of a steel refinery with three blast furnaces having a combined capacity of 10.5 million tonnes per year, Son Duong deep-water seaport with 32 wharves to accommodate 300,000 dead weight tonnage ships and a 2,100 megawatt thermal power plant, all covering more than 2,000ha and water space of 1,200ha.
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