Ministry of Industry and Trade report shows output rising substantially this year.
The Ministry of Industry and Trade recently released a report on industrial and commercial activities in July and the first seven months of the year.
Production of natural steel was estimated at 380,300 tons in July, up 13.5 per cent compared to July 2014, while laminated steel output was 360,100 tons, an increase of 22.5 per cent year-on-year. The amount of bar iron and angle iron was estimated at 331,800, an increase of 20.9 per cent.
In the first seven months natural steel production reached 2.1 million tons, a 2.4 per cent increase against the first seven months of last year, while laminated steel production was 2.4 million, 19 per cent higher than in 2014. Bar iron and angle iron also recorded a sizeable increase in production, of 11.2 per cent.
Steel imports in July saw significant growth of 74.3 per cent in volume and 19.8 per cent in value compared to July 2014. In the first seven months the volume rose 44.8 per cent and the value 15.1 per cent, while the import of steel products rose 45.6 per cent.
Vina Koyei Steel expanded its steel mill in July, at a cost of $220 million, to increase its annual capacity by 500,000 tons to 800,000 - 1 million tons.