The Vietnam Steel Corporation (VSC) will continue divesting capital from unprofitable firms after slow progress was made last year.

It will also make necessary changes to the 2015 development strategy to position itself for 2025 goals, including keeping close tabs on its affiliates and joint-ventures while monitoring market developments to purchase raw materials at competitive prices to ensure low-cost outputs.

From the outset of 2015, VSC has directed its units to stockpile enough materials for production, Deputy General Director Vu Ba On told a conference held to evaluate the corporation’s 2014 performance and determine 2015 tasks in Hanoi on January 19.

Technological advances will also be utilised to improve inventory and quality control.

Last year, VSC sold 2.97 million tonnes of steel, a 4.2 percent increase from 2013, with billet steel growing by nearly 40 percent thanks to the inauguration of Lao Cai Iron and Steel Factory in September.

The growth generated total sales of 24.9 trillion VND (1.1 billion USD), an annual reduction of 7.1 percent due to falling market prices, but resulted in over 70 billion VND (3.3 million USD) in profit, doubling its target for the year. Its subsidiary and joint-venture companies earned a pre-tax net income of 847 billion VND (40.3 million USD), marking a 65 percent increase.-VNA