OREANDA-NEWS. Nippon Steel & Sumitomo Metal Corporation and China Steel Corporation  reached agreement, in August 2008, to establish China Steel Sumikin Vietnam Joint Stock Company ("CSVC") for the manufacture and sale of cold-rolled steel sheet, hot-dip galvanized steel sheet, electrical steel sheet and other flat-rolled products, and have been subsequently pushing the construction and startup of the  steel sheet mill. CSVC will start its commercial operation in November of this year.

Prior to this, on October 14, CSVC held an opening ceremony at the mill site, in the presence of the Deputy Minister of the Natural Resource & Environment Bureau of the Vietnamese government, the Deputy Director-General of the Industry & Trade Bureau of the Vietnamese government, the Chairman of the People's Committee of Ba Ria-Vung Tau Province, the Deputy Secretary of Provincial Party Committee of Ba Ria-Vung Tau Province and other high government officials as well as the Japanese Consul General and other some 700 invited guests from Vietnam, Taiwan, Japan and others.

This sheet mill, representing an investment of about USD1,150 million, is intended to be a production base of steel sheets, including those for automotive.

The ASEAN region is perceived by us as an important base from which to put into action the "global strategy" constituting a central pillar of our company's medium-term business plan. Vietnam, axially located in the region, is a very promising market having a potential for further economic growth. We and China Steel, through CSVC, are going to respond to sheet demand in the ASEAN region with speed and trustworthiness.