Steel industry growth hits record in 11 months hinh anh 1Steel production at Luu Xa steel producer (Source: VNA)

Hanoi (VNA) – The steel industry has seen a record growth over the first 11 months this year, up 30.1 percent from the same period last year, according to the Vietnam Steel Association.

Producers sold nearly 5.9 million tonnes of building steel products to the local market, gaining a year-on-year increase of 24.3 percent in the reviewed period.

The two key producers are the Vietnam Steel Corporation with 1.35 million tonnes and Hoa Phat Steel Company with 1.27 million tonnes, together making up of 43 percent of the market share.

The Association reported that in November alone, the consumption of building steel saw an increase of nearly 30 percent from the same period last year to hit 593,000 tonnes.

Vice President of the Association Nguyen Van Sua said industry insiders have renovated technologies to reduce cost, improve their competitiveness, and better integrate into the international market.

He also called for relevant bodies to take technical measures to better manage import-export activities to support domestic steel producers.-VNA