Vietnam Steel Industry Reports VND731-Bln Profits in 2008
Despite challenges, Vietnam’s steel industry reported total profits of VND731 billion (US$43.25 million) in 2008, a conference was heard January 12 in Hanoi.
Dau Van Hung, general director of Vietnam Steel Corporation (Vnsteel) said that although steel prices plunged in five final months of last year, the loss was offset by profits earned in the first months of the year.
Although steel output fell 1.4 per cent on-year to just 2.1 million tons in 2008, steel enterprises made profits from rocketing steel prices in the beginning of the year.
Prices of steel bars and rolled steel once surged to VND19 million per ton last year.
Currently, the industry is coping with difficulties about demand fall, input cost rise and cheap Chinese-sourced steel. It is hoping to recover by the end of 2009. (HCMC Law, VTCnews)
Vietnamese
