Nam Kim Steel Joint Stock Company (NKG) has passed a plan to build a coated steel plant valued VND4.5 trillion (US$196.6 million)

Nam Kim Phu My coated steel plant will be located at the My Xuan B1 – Dai Duong Industrial Park in the southern province of Ba Ria-Vung Tau. The plant is expected to churn out 1.2 million tons of coated steel products per year.

The company will also establish a wholly-owned unit, Nam Kim Phu My Steel Company, with charter capital of VND500 billion (US$21.8 million).

NKG approved a plan to appoint Vo Hoang Vu, general director of NKG as director and legal representative of the new business. Mr. Vu will be in charge of managing the entire stake of NKG in the new subsidiary.

Recently, Nam Kim released documents for its 2022 general meeting. The company looks to earn VND28 trillion (US$1.2 billion) in revenue and VND1.6 trillion (US$70 million) in after-tax profit.