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Vietnam approves Taiwan's China Steel joint venture
Taipei (AFP) May 18, 2009 Taiwan's China Steel said Monday authorities in Vietnam approved its application to set up a joint venture there with Japan's Sumitomo Metal Industries. In a statement, China Steel said it received approval from the Vietnam government on May 12 to establish the joint venture, to be capitalised at 1.15 billion US dollars with Sumitomo Metal Industries and Taiwanese partners. China Steel will take a 51 percent stake in the new venture, China Steel Sumikin Vietnam Joint Stock Co, which is expected to produce 1.6 million metric tonnes of cold rolled steel products annually for auto and home appliance use. While the global economy has been hard hit by financial woes, "the partners of the joint venture will go ahead with the project based on our long term investment strategies," China Steel said in the statement. The joint venture is aimed at markets in the Association of Southeast Asian Nations (ASEAN) region. -- Dow Jones Newswires contributed to this story -- Share This Article With Planet Earth
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China jewellery sales boost platinum demand: surveyLondon (AFP) May 18, 2009 China's hunger for jewellery is boosting demand for platinum at a time when the metal is being hit by the ailing auto sector, metals consultancy Johnson Matthey said in an annual report released Monday. Platinum and its sister metal palladium are used to make jewellery as well as catalytic converters in vehicles. "While demand for platinum from the automotive and industrial sectors remai ... read more |
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