Marubeni-Itochu Steel and Metal One, two major steel traders in Japan announced that they will each take 20% stakes in Kyoei Steel’s steel long product venture in Northern Vietnam.

It’s learned that Dang Le Hao, a shareholder in Kyoei Steel Vietnam Company (KSVC) sold his 30% stakes on Monday. Thus, it’s said that the deal was possible made on Monday.

Meanwhile, 70% stakes of KSVC is owned by Kyoei Steel’s Singapore subsidiary which also bought Dang’s share.

Kyoei Steel will carry out a capital increase at Kyoei Steel Singapore (KSS) when the two Japanese traders will buy in, making Kyoei Steel own 60% stakes in Hanoi factory and Marubeni-Itochu Steel and Metal One hold the balance.