Steel-making company Nippon Steel (Japan) started the operation of a new pipe plant in southern Vietnam, said Ukrinform with reference to the agency VIA.

Majority stake of a new enterprise (51%) belongs to Nippon Steel, 10% – to state-owned Vietnam Steel Corp. The remaining 39% of shares are ownership of five Japanese trading companies.

The plant is the first project of Nippon Steel to produce steel pipes and sheet metal outside Japan. The plant’s capacity is about 5 tons per month.

Vietnamese factory Nippon Steel produces goods primarily for export.

Japanese steel-making company Nippon Steel Corporation was created in 1970 by the merger of two giants in the industry Yawata Iron & Steel and Fuji Iron & Stee. It is the fourth largest steel producer in the world.