Steel maker gets loans to build steel billet factory in Haiphong

Viet Y Steel Joint-stock Co. yesterday signed a deal with local lenders to take out loans totaling VND264 billion, or more than US$16 million, to build a high-quality steel billet factory in the northern city of Haiphong.

Five banks joined forces to provide the syndicated loans to the company at a signing ceremony in Hanoi yesterday, making it possible for the steel maker to build the material production facility in Nam Cau Kien IP in Haiphong. The total investment required for the factory with an annual output of 250,000 tons is VND330 billion, the company said at the event.