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Domestic steel production growth to reach 20 per cent this year The domestic steel industry is expected to gain a year-on-year growth in production of about 20 per cent this year. Photo vov.vn

Especially, hot rolled steel production is expected to increase the most at 154 per cent against last year. This is because Formosa Hà Tĩnh plans to double its production capacity when the second blast furnace, with a capacity of 4 million tonnes per year, will come into operation in the second half of the year. That will push the total capacity of Fomosa Hà Tĩnh up to 7-8 million tonnes per year.

In addition, some other projects are planned to be put into operation this year, such as Hòa Phát Group’s rolled steel project with capacity of 600,000 tonnes, starting operation in August and Hoa Sen Group’s production line with a capacity of 350,000 tonnes. Meanwhile, Tung Ho Company will put a production line of construction steel into operation with a total capacity of 600,000 tonnes, reports tinnhanhchungkhoan.vn.

According to Nguyễn Văn Sưa, vice chairman of the Vietnam Steel Association, with such favourable factors, Vietnam’s steel industry this year will maintain growth to gain a surge of 20 per cent in production over last year.

