Vietnam's steel consumption to increase

Vietnam’s steel consumption to increase

Vietnam Ministry of Industry expects the country to consume 7.5 million metric tons of finished steel next year due to the increasing projects for 2006. The Ministry indicates that domestic steelmakers are expected to produce 3.8 million metric tons of finished steel in 2006, of which 3.5 million metric tons will be sold in the local market. Approximately, 3.7 million metric tons will be imported. According to the report released by the Vietnam Steel Association, the country produced 1.5 million metric tons of steel in the first seven months of 2005, an increase of 20 percent from a year earlier.