Illustrative image. (Source: VNA)Hanoi (VNA) – The steel sector turned out 17.5million tonnes of products last year, up 16.8 percent from 2015, according to theVietnam Steel Association (VSA).
Meanwhile, more than 15.3 million tonnes were sold,representing an annual increasing of 23.7 percent.
VSA Chairman Ho Nghia Dung said the growth of constructionsteel, which makes up about 50 percent of the total steel products, was ahighlight in 2016.
Production of construction steel last year was over 8.5million tonnes, an increase of 18.3 percent year on year and the sales of theproduct also jumped 20.6 percent to 8.4 million tonnes.
In 2016, the sector exported 2.4 billion USD worth of goods,but posted total import costs of 9.1 billion USD.
Due to uneven development within the sector, Vietnam has toimport large volumes of materials and semi-processed products to serveproduction. The country imported more than 1.8 million tonnes of pre-paintedgalvanised iron as well as 8.1 million tonnes of alloy steel.
Despite spare production capacity in steel billetsmanufacturing, the country still bought more than 1.1 million tonnes of theproducts or 12.6 percent of the total billets available in the market last year.
Overall, the sector grew 18.1 percent in 2016. The VSA projected a 12-percent growth for itthis year.
The VSA said it will continue working with relevant agenciesto promote domestic production and conduct anti-dumping investigations onimported steel products.-VNA
Meanwhile, more than 15.3 million tonnes were sold,representing an annual increasing of 23.7 percent.
VSA Chairman Ho Nghia Dung said the growth of constructionsteel, which makes up about 50 percent of the total steel products, was ahighlight in 2016.
Production of construction steel last year was over 8.5million tonnes, an increase of 18.3 percent year on year and the sales of theproduct also jumped 20.6 percent to 8.4 million tonnes.
In 2016, the sector exported 2.4 billion USD worth of goods,but posted total import costs of 9.1 billion USD.
Due to uneven development within the sector, Vietnam has toimport large volumes of materials and semi-processed products to serveproduction. The country imported more than 1.8 million tonnes of pre-paintedgalvanised iron as well as 8.1 million tonnes of alloy steel.
Despite spare production capacity in steel billetsmanufacturing, the country still bought more than 1.1 million tonnes of theproducts or 12.6 percent of the total billets available in the market last year.
Overall, the sector grew 18.1 percent in 2016. The VSA projected a 12-percent growth for itthis year.
The VSA said it will continue working with relevant agenciesto promote domestic production and conduct anti-dumping investigations onimported steel products.-VNA
VNA
