Molitec Steel to Open Steel Process Plant in Vietnam

Osaka based carbon steel and special steel processor, Molitec Steel has started construction of new steel slitting plant in Vietnam to start operation in February 2012. The firm established Hanoi based subsidiary in October for the plant. The subsidiary will expand the process variation step by step to serve growing automotive and motorcycle industry. The firm targets around 2 billion yen of sales in 2015.

The subsidiary builds the plant in Hai Duong province of northern Vietnam. Molitec Steel invests around 200 million yen for the first phase operation to launch the slitting process with Vietnamese top class processing capacity. The subsidiary targets around 500 million yen of sales in the first operating year.

Molitec Steel already announced the firm will move and expand an automobile parts making subsidiary in Thailand. The subsidiary tries to increase the sales to 5 billion yen per year by 2015. Molitec Steel tries to increase the sales in offshore market through further cooperation in the group network including sales offices in Indonesia, India and China while the firm eyes new processing plant in Asian market.