Current business difficulties will not greatly affect the steel industry’s development in the future, as demands will bounce back in the next few years, said an industry source. Pham Chi Cuong, chairman of the Vietnam Steel Association (VSA), insisted there are positive signs for the steel sector. He reasoned that the demand for local steel [...]
Steel firms are finding ways to survive in a current tough business climate. Local leading steel maker Hoa Phat Group (HPG) just operates at 80 per cent of its capacity to reduce inventory. In the meantime it had applied diverse energy-saving and material-saving measures to lower financial costs in the face of squeezing credit and [...]
Steel mills cannot sell products these days. The profits they got earlier this year have been used to cover the big losses incurred in the last months of the year. Some manufacturers accused others of dumping products on the market. Steel sale goes slowly, losses eat up profits With the forecast growth rate of minus [...]
Vietnam’s domestic steel consumption may rise 4 percent in 2012, much lower than previous years due to high lending interest rates and a challenging property market, Thoi Bao Kinh Te Vietnam (Vietnam Economics Times) newspaper reported, citing Vietnam Steel Association on October 28. VSA said that in 2012, Vietnam will witness many local steel manufacturers [...]
Steel sales in October 2011 are estimated to have reached 300,000 tonnes, down over 80,000 tonnes from previous month, according to Nguyen Tien Nghi, vice chair of Vietnam Steel Association. Although steel manufacturers still maintained high discount rate for distributors, the cweak purchase power caused high stockpiled steel and steel billet, estimating at 900,000 tones, [...]
Ten Vietnamese steel pipe manufacturers may face anti-dumping and anti-subsidy lawsuits on their products exported to the US from 4 American manufacturers, said the Vietnam Chamber of Commerce and Industry (VCCI). According to the Saigon Times newspaper, VCCI said Ailled Tube and Conduit, JMC Steel Group, Wheatland Tube and United States Steel Corporation had asked [...]
Though it is going through a crisis with poor consumption and high unsold inventory, the steel industry can recover with some assistance, said Pham Chi Cuong, Chair of the Vietnam Steel Association. In an interview with VietnamPlus Newswire, Cuong said the crisis would eliminate ineffective steel manufacturers and outdated technology. “Restructuring is inevitable and only [...]
Declining steel prices and the devaluation of the domestic currency have made it difficult for steelmakers to meet their business targets for the year, and share prices of many steelmakers have plunged accordingly over the past six months, an industry executive has said. The year could be tough for the steel industry due to the [...]
Vietnam was estimated to export around 1.87 million tonnes of steel and steel ingot this year, a 44.5 per cent increase from 2010 figures, Vietnam Steel Association chairman Nguyen Chi Cuong said. “This year, export of cold-rolled steel, stainless steel, steel bars and zinc-coated steel sheets all increased significantly in comparison with last year,” Cuong [...]
Vietnam has exported 1.87 million tonnes of steel so far this year, up nearly 44.5 percent over the same period of 2010, announced Pham Chi Cuong, Chairman of the Vietnam Steel Association (VSA). Of the figure, about 285,600 tonnes of steel ingot have been shipped abroad while the consumption volume of the product has reduced [...]
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