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| Notification of Establishment of a Steel Processing Center in Thailand |
2010.06.25
JFE Shoji Trade Corporation
|
JFE Shoji Trade Corporation (President: Mikio Fukushima) and Summit Corporation Ltd. (President: Sunsurn Jurangkool; Headquarters: SamutPrakarn Province, Thailand) herewith announce the establishment of a joint venture, Steel Alliance Service Center Co., Ltd. (SASC), a steel processing center mainly serving the automotive industry, located in the Hemaraj Eastern Seaboard Industrial Estate in Rayong Province in southeastern Thailand. The new company has a paid-in capital of 385 million Thai baht (approximately ¥1.1 billion), with 70% held by JFE Shoji Group and 30% by Summit Group.
Automotive production in Thailand is forecast by the Federation of Thai Industries (June 17, 2010) to rise 8% from 2008 to 1.5 million units in 2010, its highest-ever level, on strong recovery since the end of 2009 despite the temporary decline after the "Economic Crisis". Further expansion is expected, as new automakers are attracted into the country by its government-backed eco car project.
Southeastern Thailand contains clusters of automotive manufacturers including carmakers and autoparts suppliers. Future demand is expected to be substantial. To ensure that it can service such demand, JFE Shoji decided to establish a steel processing center mainly serving local automotive companies.
JFE Shoji has now established steel processing centers in five locations in China, as well as in Singapore, Taiwan, Thailand, Malaysia, Indonesia, the Philippines, Vietnam and Mexico. Including this newly established second company in Thailand, the Company now has 14 overseas units.
About the new steel processing center
| (1) Name of Company |
: |
Steel Alliance Service Center Co., Ltd.(SASC) |
| (2) Address |
: |
Hemaraj Eastern Seaboard Industrial Estate, Rayong Province, Thailand
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| (3) Paid-in capital |
: |
385 million baht (approximately ¥1.1 billion) |
| (4) Shareholders |
: |
JFE Shoji Group, 70% (JFE Shoji Trade Corporation, 44.9%; JFE Shoji Trade Thailand, Ltd., 25.1%); Summit Group 30% (Summit Corporation Ltd., 25%; others 5%) |
| (5) Total investment |
: |
Around ¥2 billion |
| (6) Representative |
: |
To be assigned by the Company |
| (7) Number of employees |
: |
Around 35 at the launch of operations |
| (8) Site size |
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78,080m2 (including building area of 9,980m2) |
| (9) Major facilities |
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One slitter, one mini-leveler (oscillating rotary shear) |
| (10) Processing capacity |
: |
6,000 tons/month |
| (11) Operations scheduled to start |
: |
April 2011 |
(Reference) About Summit Corporation Ltd. (Summit Group)
| (1) Address |
: |
SamutPrakarn Province, Thailand |
| (2) Established |
: |
1972
|
| (3) President |
: |
Sunsurn Jurangkool |
| (4) Nature of business |
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Manufacture of autoparts, steel processing, etc |
| (5) Number of Group companies |
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Approximately 30 |
| (6) Number of Group employees |
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Approximately 10,000 |
| (7) Group annual sales |
: |
Approximately 20,000 million baht |
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