Five steel makers have halted production due to soaring input costs and shrinking consumption, while cement firms are boosting sales promotions to offload inventories. Pham Chi Cuong, chairman of the Vietnam Steel Association (VSA), told the Daily that as prices of coal sold to steel producers had been hiked and fuel costs had recently increased again, production costs had been further pushed up,... 

The U.S. Department of Commerce (DOC) on Tuesday announced its preliminary determination in the anti-subsidy investigation of steel pipes imported from Vietnam and other Asian countries, says the website steelorbis.com. After conducting an investigation into steelmakers from Vietnam, India, Oman and the United Arab Emirates (UAE), DOC determined that Vietnamese producers have received the subsidies... 

Surging input costs of oil and coal are making inroads into the steel and cement industries that have already been struggling with poor sales since early this year. Nguyen Van Thien, chairman of the Vietnam Cement Association, told the Daily that a 10% coal price rise last month and the recent fuel price hike were putting great pressure on cement manufacturers. The higher coal and fuel prices have... 

While five steel companies have announced their bankruptcy, and many others have become clinically dead, some big scale steel companies still keep stable growth. Big companies’ market share expanded According to the Vietnam Steel Association VSA, in 2011, the steel output decreased by 14.3 percent, while the consumed volume decreased by 15.6 percent in comparison with 2010. The members of the association... 

Steel exports are likely to hit a record two million tonnes this year to earn the country a turnover of $1.8 billion, announced Vietnam Steel Association chairman Pham Chi Cuong. Cuong attributed the results to the growing efforts by steel companies to seek new export opportunities at a time when supply is exceeding domestic demand. The massive licensing of steel production projects in recent years... 

Steel and cement producers have been enjoying too many preferences as they can buy electricity at low prices. Experts believe that it is now the right time to eliminate the unreasonable thing. According to Minister of Finance Vuong Dinh Hue, in 2010 alone, cement and steel producers enjoyed the subsidization of 2547 billion dong as they could buy electricity at low prices. The unreasonable thing has... 

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 (-) 7.69 percent for the whole year, 2011 proves to be a very difficult year for the... 

The cash-strapped Dinh Vu Steel Company in Haiphong City has announced to sell its factory as many steel firms are running at a loss, said a source from the Vietnam Steel Association (VSA). Previously, Van Loi Steel Company in Haiphong sold its facility to the Vietnam-Australia Steel Company due to protracted losses, the source told the Daily on Thursday. A majority of steel companies are operating... 

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, Chairman 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 really capable manufacturers... 

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 sharply in the domestic market. According to Cuong, the steel export revenue...