Tung Ho to expand into Southeast Asia with acquisition in Vietnam

Taiwanese steelmaker Tung Ho Steel will move into the Southeast Asian market with the acquisition of Fuco Steel Corp, an electric arc furnace (EAF) mill in Vietnam that can produce up to 1 million tpy of billet.


Tung Ho Steel will pay NT$1.43 billion ($44 million) in two separate transactions for 100% of the Vietnamese company, it said on Friday October 30 in a filing with the Taiwan Stock Exchange. The aim of the acquisition is “to establish [a] production base in Southeast Asia and to develop the Southeast Asian market”, the Taiwanese company said. The majority of the ownership will come from Malaysia-based Tong Herr Resources Berhad and other parties, to which Tung Ho Steel will pay NT$1.29 billion ($39.7 million). This will give it a 100% shareholding of Fuco International...

Published

Juan Weik

November 02, 2015

22:14 GMT

Singapore