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Worry does not prevent the supply of large steel corporations expand our country new projects
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Hoa Sen Group, one of the largest steel companies in our country are licensed to grow plants dolla $ 2 trillion (USD 87.48 million) in the central province of Binh Dinh.
Project Lotus steel plant in Nhon Binh Dinh Hoi- will begin work this month and finish in May 6/2017 with a design capacity of 200,000 tonnes per year.
In previous months, the Group Lotus with other big corporations, Hoa Phat was reported about finding ways to purchase billions of dolla steel project in Quang Ngai after Taiwan investors withdrew because of the problem finance.
By the expansion project, the largest steel group obviously will not be affected by oversupply and cheap imports which in the industry believe will make many domestic plant stopped production in the similar situation.
Vietnam Steel Association said domestic steel production is estimated to reach 22 million tons per year to supply double the quantity demanded. This has pushed the agency related to the postponed 23 steel projects.
Association is also seeking intervention from the government to import cheap steel from China, such as tax increases.
Vietnam imported 12.62 million tons of steel and iron in the first 10 months, up 34% over the same period last year with revenues of USD 6.28 billion. Of these, over 61% is imported from China.
Source: Satthep.net
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18/8/2025
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