SeAH Holdings Corp., the holding company of SeAH Group, announced on June 3 that it completed the second plant of SeAH Steel Vina (SSV), a subsidiary incorporated in Vietnam, on May 30.
In June 2017, SeAH Holdings broke ground for the second SSV plant with an annual production capacity of 100,000 tons on a site of 120,000 square meters at an industrial complex in Dong Nai, southern Vietnam. It took two years to build the US$37.8 million plant, which will produce 2- to 4-inch general piping materials and tubing products for oil wells. The Korean steel group looks to become Asia’s No. 1 producer of steel pipes.
The completion of the second plant will drive up SeAH Steel's pipe production capacity in Vietnam to 370,000 tons -- 230,000 tons from the SSV No. 1 plant, 100,000 tons from the SSV No. 2 plant, and 40,000 tons from Vietnam Steel Pipe, a joint venture set up in 1993 by SeAH Steel and Vietnam's largest steel company VN Steel. It produces products of small diameters and general-purpose products.
Vietnam's steel market grew 15 percent in terms of production and 21 percent in terms of consumption last year, thanks to a spike in the government's infrastructure investment and construction-related projects such as housing and urban development, the Vietnam Steel Association (VSA) said. In addition to Vietnam, SeAH Holdings has built overseas production bases in the United States, Italy and the United Arab Emirates (UAE). The second SSV plant is its seventh overseas steel pipe production plant.