MARUICHI SUN STEEL JOINT STOCK COMPANY

MARUICHI SUN STEEL JOINT STOCK COMPANY (Vietnamese name: CÔNG TY CỔ PHẦN MARUICHI SUN STEEL) is a foreign-invested steel manufacturer operating in Vietnam since 2008. The company is headquartered on Road DT743 in Di An City, Binh Duong Province, with a representative office in Vinh Phuc. It is registered under Tax Code (TIN): 3700236207, with majority ownership held by Maruichi Steel Tube Ltd. (82.27%), alongside Toyota Tsusho Corporation (9.73%) and JFE Steel Corporation (8%), all of Japan. Led by Chairman Hiroyuki Suzuki and General Director Nakahori Masaru, the firm employs approximately 650 people and specializes in the production and trading of steel coil and steel pipe products.

Financially, the company recovered strongly in 2023, posting USD 239.65 million in sales, up 3.88% year-over-year, and a net profit of USD 13.91 million, reversing the previous year's loss and achieving a 241.35% surge in profitability. Its owner's equity rose to USD 102.59 million, up 19.14%, reflecting strong earnings retention and improved capital structure. Total assets decreased slightly to USD 141.9 million, indicating cautious capital deployment or asset optimization. Working capital stood at USD 40.99 million, a healthy cushion that supports operational stability.

However, underlying risks remain: the company's revenue growth was modest relative to its Japanese peers, and asset values have continued to decline for the second consecutive year, down more than 16% since 2021. This suggests possible capital retraction or underinvestment in fixed assets, which could constrain scalability. Furthermore, while 2023 was profitable, the sharp turnaround from a USD 9.84 million loss in 2022 may reflect short-term cost cutting or market fluctuation rather than structural gains.

As part of the broader Japanese steel supply chain, MARUICHI SUN STEEL is also exposed to global steel price volatility, input cost inflation, and foreign exchange fluctuations, especially as it reports in USD but operates in VND. Overall, MARUICHI SUN STEEL JOINT STOCK COMPANY remains a resilient and well-capitalized steel player with strong foreign backing, but it must carefully monitor its asset base and ensure that recent profitability gains translate into long-term growth capacity and market competitiveness.

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