Introduction of Parent Company – Viet Nam Steel Corporation


12:00' AM-22, 22/10/2012

Viet Nam Steel Corporation is founded based on the combination of 2 Corporations namely Steel Corporation and Metal Corporation.

- Steel Corporation specialises in producing iron and steel products, with major companies namely Thai Nguyen Iron and Steel Company, Southern Steel Company and Da Nang Steel Company

- Metal Corporation specialises in trading metal through a broad distribution network at industrial zones, cities, provinces and major economic zones.

Period 1996-2006, Viet Nam Steel Corporation was organised and operated in the model of a 91 Corporation. On July 1 2007, Viet Nam Steel Corporation completed legal procedures and internal operational regulations for its transformation to a Parent-Subsidiary Company in accordance with the Prime Minister’s Decision.

Head office: 91 Lang Ha, Dong Da, Ha Noi

Southern office: 56 Thu Khoa Huan Street, District 1, Ho Chi Minh City

Current organisational structure of Viet Nam Steel Corporation:

Managerial and administrative mechanism:

+ Board of Management (BOM): 05 members are appointed, dismissed, rewarded and punished by the Prime Minister. The membership consists of a BOM Chairman, 1 member as the President of VNSTeel, 1 member as Head of the Supervisory Board of VNSteel

+ Supervisory Board: members are appointed by BOM of VNSTeel

+ President and 4 Vice Presidents

+ 09 Functional Departments:

Planning and International Cooperation

Procurement and Export-Import

Marketing

Finance – Accounting

Investment and development

Technical and Labor safety

Personnel

Real Estates

Administrative office

Total staff of VNSTeel: 183 persons (Head office: 102, southern office: 81)

Network of dependent units, subsidiaries, cooperatives of VNSteel

- Dependant units: 10 (3 companies, 3 branches, 1 centre, 1 hotels, and 2 non-productive units)

- Subsidiaries: 10 (4 steel producing companies, 1 refractory and building materials producing company, and 4 trading companies)

- Affiliated companies:24 (9 joint stock companies and 15 liability-limited companies and joint-ventures which will be transformed in line with the 2005 Enterprise Law).

Newly–born companies with shares of Viet Nam Steel Corporation

- Thong Nhat Flat Steel Joint Stock Company

- Container Port Investment Joint Stock Company

- Cement Financing Joint Stock Company

Cooperatives

VNSTeel has perfected the principles and regulations to attract those who would like to join into its network in order to take full advantage of these enterprises and the network as a whole.

Current operational mechanism:

Parent Company – VNSteel is a state owned enterprise directly engaging in production, business, investment and financial activities. It is organised and operated in accordance with the VNSteel Charter approved by the Prime Minister in Decision 91/2007/QĐ-TTg dated on June 21 2007 and other related legal documents of the Ministry of Industry and Trade and other Ministries, VNSTeel has issued regulations on management and operation in each and every aspect of its competence.

Only Thai Nguyen Iron & Steel Company remains a wholly state owned enterprise operating in accordance with the State owned Enterprise Law and the Charter approved by VNSteel, and has been equitized during 2008–2009. Other subsidiaries and affiliates are organised and operated according to the Enterprise Law and their Charter. VNSteel’s representatives at these companies take their responsibilities and competence on the basis of the “Statute on implementation of obligations and rights of Parent Company – Viet Nam Steel Corporation at its subsidiaries and affiliates.”

Scope of operations:

- Producing steels and other metals, refractory materials, metallurgical equipment and downstream products

- Exploiting iron ore, fat coal and auxiliary materials to serve steel production

- Exporting, importing and trading steel products, fuels, steelmaking materials; scraps; rubber, petroleum, grease, gas and other materials, spare parts and equipment for steel production, construction, transport, engineering and other industries

- Designing, design consulting, installing and building steelworks, industrial and civil works; producing and trading building materials

- Training, scientific research, technology transfer, vocational training for production of steel and metal materials

- Trading, port exploiting, logistics services, warehouse, offices, housing; investing in industrial zone and urban infrastructure and real estate

- Trading oxygen, nitrogen, argon (including liquidized); supplying and installing gas piping system

- Financial activities

- Hotel service, restaurant, tourism, travel

- Labour export

- Others as stipulated in Law.

Actual capabilities of VNSTeel

Total owner’s equity managed and utilized by the Parent Company is over VND 2,700 bil, total assets value of the Parents Company is VND 10,660 bil.

In which:

- Total owner’s equity invested by the Parent Company in subsidiaries is over VND 988 bil., total assets value estimated at VND 4,500 bil.

- Total owner’s equity invested by the Parent Company in affiliates (JVs, Joint Stock Companies) is nearly VND 1,000 bil., estimated total assets value nearly VND 20,000 bil.

- Annual billet making capacity: 1.5 mil. tons, including 300,000 tons/year from iron ore

- Rolled steel making capacity: over 2.5 mil. tons/year

- Consumption: around 3 mil. tons/year

- Total workforce: over 17,000 persons, in which tertiary-level: over 3,100 (2,300 males, 800 females), accounting for over 18% of the total; skilled workers: over 3,300, accounting for nearly 20% of the total.

Development tendency:

Viet Nam Steel Corporation has been drafting the Project “Establishing Viet Nam Steel Group” and mapping out its long-term development strategy.

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