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Tata Steel, world's sixth largest and Asia's first integrated
steel company signed a Memorandum of Cooperation (MoC) with Vietnam Steel
Corporation, Vietnam's largest steel company in New Delhi today. The MoC was
signed between Mr. Dau Van Hung, President of Vietnam Steel Corporation (VSC)
and Dr. T Mukherjee, Deputy Managing Director of Tata Steel, in the presence of
H.E. Nguyen Tan Dung and Dr. Manmohan Singh, the Honourable Prime Ministers of
Vietnam and India respectively. Also present on the occasion were other
dignitaries from both the countries.
While the Government of Vietnam is proactive and keen on
setting its economy on a fast growth path, it also wants to achieve this on a
sustainable basis. VSC recognises the development opportunities that can be
created with association with Tata Steel, India's premier steel making company
and one of the lowest cost producers of steel in the world. Through this MoC,
Tata Steel will co-operate with VSC in the areas of training and development of
the VSC employees, assistance in product development, development of Vietnamese
markets, sharing of know-how in steel making and mining and will also assist VSC
in developing a steel strategy for Vietnam.
Earlier, on May 29, 2007, Tata Steel had entered into a
Memorandum of Understanding with VSC for the proposed steel and mining projects
in Ha Tinh province in Vietnam. In this relation, the Honourable Prime Minister
of Vietnam, H E Nguyen Tan Dung also visited the Tata Steel plant in Jamshedpur
during his current visit to India and he reaffirmed his full support to Tata
Steel for the projects in Vietnam.
This Cooperation memorandum is another step by Tata Steel to
strengthen the partnership with VSC and its commitment to be a 'Partner in
Progress' with the Socialist Republic of Vietnam.
About Tata Steel
Established in 1907 by its Founder J N Tata, Tata Steel is
the flagship of Tata Group, the largest and most respected business house in
India having interests in Steel, Automobiles, Telecom, IT, Energy, Hotels. The
Tata Group comprises around 90 companies with total turnover of US$22 billion,
equivalent of around 3 per cent of India's GDP.
Tata Steel has one of the most modern steel making facilities
and is also one of the lowest cost producers of steel in the world. It has been
rated as the world's best steel company for the past three consecutive years by
World Steel Dynamics. World over, Tata Steel currently has a capacity of around
26 million tonnes per annum including its recent takeover of Corus and has the
second largest global distribution network in 45 countries. Tata Steel which has
also set benchmarks in the fields of corporate social responsibility and
corporate governance firmly believes in improving the quality of life of its
employees and the communities it serves. Tata Steel aspires to become a 50
Million tonne Steel Company by 2015.
The cooperation between VSC and Tata Steel signals the
beginning of strong growth of the Steel Industry in Vietnam. We believe that
this partnership will result in remarkable success. |
