JFE Steel buys 8pct stake in Vietnamese pipe maker Sun Steel from Maruichi

Japan's JFE Steel Corp announced that it has obtained 8% stake in Vietnam-based steel pipe maker Sun Steel Joint Stock Co, with an eye toward boosting exports.

The JFE Holding’ steelmaking unit has purchased 16.64 million shares in Sun Steel from Maruichi Steel Tube Ltd for an undisclosed sum.

Sun Steel is a joint venture between Japanese, Taiwanese and other companies. Maruichi held a 72.29% interest in Sun Steel prior to the share sale.

(Sourced from Asia In Focus via COMTEX)