In the first three months of 2021, crude steel production and rolled steel production increased by 14.4% and 54%, respectively, compared to the same period last year. The Ministry of Industry and Trade reported that in March 2021, crude steel production is estimated to reach over 2.14 million tons, an increase of 6.5% compared to the same period; rolled steel is estimated to reach 707,000 tons, an increase of nearly 48% compared to the same period; while steel bars and angles are estimated to reach 723,300 tons, a decrease of 4.6% compared to the same period.

Overall, in the first three months of 2021, crude steel production and rolled steel production increased by 14.4% and 54%, respectively, compared to the same period last year, while steel bars and angles decreased by 1.6%.

According to a report from the Vietnam Steel Association (VSA), in 2020, due to the impact of the COVID-19 pandemic, nearly 50% of VSA member companies experienced a sharp decline in revenue, especially in the first and second quarters.

However, from July onwards, businesses showed significant signs of recovery. Overall, steel production in various types reached about 24 million tons in 2020, a 1% increase compared to 2019, and steel consumption reached over 21 million tons.

During the same period, steel exports reached nearly 8 million tons with a value of $4.19 billion, shipped to over 30 countries and regions worldwide.

With the clear recovery of the steel industry in the latter months of the year, many experts believe that the steel sector will have a positive outlook in 2021, as it benefits from a strong wave of investment.

"The steel industry in 2021 is expected to have good growth due to the benefits from increased public investment and the potential rebound of the real estate market. This will have a positive impact, leading to significant growth in the steel industry this year," stated the Ministry of Industry and Trade.

Source: Vietnambiz.vn