Vietnam's largest steel company signs MoU with Tata Steel

Kolkata, Oct 31 (UNI) Vietnam Steel Corporation (VNSTEEL), Vietnam's largest steel company, today signed a Memorandum of Understanding (MoU) with Tata Steel Limited for the proposed Cold Rolling Mill complex in Vietnam.

Mr Dau Van Hung, President of Vietnam Steel Corporation and Mr Hemant Nerurkar, Chief Operating Officer (Steel) of Tata Steel, signed the MoU at a ceremony, Tata Steel sources said.

Tata Steel already has a Joint Venture with VNSTEEL in Rolling Mills through Natsteel, a Singapore-based subsidiary of Tata Steel.

Tata Steel and VNSTEEL are in the process of carrying out a feasibility study for a steel project in Ha Tinh province for which an MOU was signed on May 29 in Hanoi.

The proposed Cold Rolling Mill project will further strengthen the collaboration between VNSTEEL and Tata Steel.

Tata Steel in cooperation with VNSTEEL will undertake a feasibility study for the Cold Rolling Project. On the successful completion of the study and financial closure, Tata Steel will have a stake of 65 per cent and VNSTEEL will have a stake of 35 per cent in the CRM complex.

UNI