The WorldSteel Group has opened its second office building in the Hai Son Industrial Park, as part of the company’s plan to expand the global market.

Totally in the 11-month period, finished steel production saw a yearly decline of 11.3 per cent to 27.12 million tonnes. Sales of finished steel also plunged 7 per cent year-on-year to 25.1 million tonnes, according to the report.

Hard-hit by weakening demand and mounting costs, steel producers are expecting higher public disbursement in the last months of the year to lift them out of hardship.

HCMC – Steel output and consumption have plunged in recent months, and the situation is predicted to linger until the second quarter of next year.

The People's Committee in the Central Province of Binh Dinh today approved the Long Son Iron and Steel Complex project of Long Son Phu My Iron and Steel Company in Lo Dieu village in Hoai My Commune in Hoai Nhon Town.

Unlike last year, many Vietnamese steel manufacturers reported losses in the third quarter of 2022.

The rapid increase in the steel sector's production capacity in recent years has resulted in a glut in some steels, such as construction steels or irons, and cold rolled steel.

2021 was a prosperous year for steel manufacturers with profits increasing sharply compared with the year before. However, some manufacturers had poor business.

Viet Nam's steel exports have increased in recent years. As a result, the sector has attracted attention from other countries and triggered a number of defence measures from some markets.

The domestic industry has been affected due to the dumping of Chinese aluminum imports in recent years.

The Vietnamese steel industry is expected to face difficulties this year due to an increase in production capacity, falling demand and protectionist measures by countries to reduce imports, according to experts.

The US’ imposition of duties of up to 456 percent on certain steel products shipped from Vietnam would not significantly harm the country’s steel industry, according to industry insiders.

Vietnamese enterprises are advised to build better business strategies after the US slapped huge tariffs on Vietnamese steel.

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