In the spring of 2008 Sumitomo Metal Industries Ltd (Sumitomo Metals) and China Steel Corp. jointly requested to the Government of Vietnam for approval for investment in an advanced steel sheet project (China Steel Sumikin Vietnam Joint Stock Co. [CSVC]). On 12 May 2009, an investment certificate was obtained. CSVC will produce a full line-up of high-grade steel sheet products including for automobiles. Annual production of 1.6 million MT is planned in view of anticipated demand from customers in Vietnam and nearby countries. Despite the current difficult economic conditions, Sumitomo Metals and China Steel will proceed as planned.
