SHSSC borrows $369M to build sheet steel mill

Southern Sheet Steel Joint Stock Co (SHSSC) yesterday signed the contract in HCM City with HSBC Bank (Vietnam) Ltd for arranging loans valued at $369 million for investment project of a hot-scrolled sheet steel mill with designed capacity of two million tonnes per year. Under the signed agreement, HSBC will be the representative of four other banks to offer credit of $369 million steel mill to be located in Phu My Town, Tan Thanh Dist, Ba Ria-Vung Tau province. The project would come up on an area of 49.5 hectares and construction would be started in Q4 of this year. The construction works are expected to be finished after 18 months. The SHSSC was established in March 2009 with chartered capital of $158 million with capital contributors of Vietnam Steel Corp (VNSteel) with 64%, Vietnam Rubber Industry Group with 15%, Da Nang Steel Joint Stock Co with 1 percent and Danieli Steel Production Group with 20%.Nike News