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Formosa (Taiwan) Plastics Group's Steel Plant In Vietnam Turns Losses into Profits
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2021-01-05
     The Vietnam plant (Formosa Ha Tinh Steel Corporation, FHTS) grows rapidly and has had its first turnaround with profit gains since its establishment in November 2020. With the steel price expected to steer up continuously from last December to this February, the Vietnam plant could see monthly growth during this year. The plant spans up to 30 million square meters with a third furnace to be in place and a "steel satellite city (2 million square meters)" preliminary plan in arrangement to draw dozens of companies in steel processing, fastener manufacturing, transportation, inventory and maintenance in June this year. The plan gained support from steel-related industries.

     FHTS President Chen Yuan-Cheng says arranging a large industrial land for Vietnam requires compliance to environmental requirement. The demand in Vietnam is large and this country is now the most popular place in Southeast Asia drawing investments from multiple industries. The fastener industry also sees it as a critical base, especially because the said Vietnam plant provides a stable source of steel and will create a massive midstream and downstream steel-consuming industries.
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