Tung Ho launches ecofriendly steel products
Tung Ho launches ecofriendly steel products
Tung Ho Steel Vietnam Corporation on March 19 rolled out ecofriendly steel products after three years of operation in Vietnam.
The products were manufactured at Tung Ho Steel factory in Phu My 2 Industrial Park in Ba Ria-Vung Tau Province. Work on the facility started in July 2016 after the firm took over Fuco Steel Corporation.
Huang Bing Hua, chairman of Tung Ho Steel Vietnam, said that the firm has invested over US$300 million in the factory to date. Over the next three years, if the market holds high growth potential for steel products and the factory’s products are well accepted by consumers, Tung Ho Steel will continue investing in the second phase and expanding the facility.
Tung Ho’s facility employs new technology in its production, using waste as input material rather than iron ore, as was common in the traditional method.
The facility is a rolling mill without chimneys, using induction heaters instead of traditional furnaces, which saves up to 75% of burned fuel and reduces the amount of carbon dioxide being discharged into the air.
Huang told the Saigon Times on the sidelines of the launch ceremony that the application of new technology and modern equipment helps save energy in production, so Tung Ho steel products will be sold at competitive prices that are affordable to customers.
The factory is currently operating at 20% of its design capacity as the firm has only recently entered the local market, Huang said, adding that the products are serving both the domestic and international markets.
“The volume of our steel products being shipped to other countries is now larger than the amount being supplied to the local market,” Huang stated, stressing that over the long term, a mere 20% will be exported to the international market while the lion’s share of the products are expected to serve the domestic market.
Tung Ho Steel Vietnam is a member of Tung Ho Steel Corporation, established in Taiwan in 1946. The corporation started its investment in Vietnam in 2016 through the purchase of Fuco Steel Corporation, a Taiwanese steel firm.
