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VN Steel records sharp decline in steel production in February

According to the data of Viet Nam Steel (VN Steel), one of Vietnam's leading steel producers, there was a notable decrease in production in February.  Monthly output plummeted by 37%, amounting to approximately 186,000 tons, while on an annual basis, a decrease of 13% was recorded.

VN Steel records sharp decline in steel production in February

The decline was largely attributed to decreases in the production of construction steel, cold-rolled steel, and galvanized steel. Production figures stood at around 116,000 tons for construction steel, 47,000 tons for cold-rolled steel, and 23,000 tons for galvanized steel.

However, there was a silver lining in the data. From January to February, the company witnessed an increase in production. With a yearly increase of 12%, production soared to over 481,000 tons. During this period, construction steel, cold-rolled steel, and galvanized steel production reached approximately 312,000 tons, 114,000 tons, and 56,000 tons, respectively.

The drop in VN Steel's February production could be interpreted as a reflection of the sluggishness in the global steel market, potentially impacting the Vietnamese economy. Nevertheless, the increase in production during the January-February period demonstrates the company's resilience and robust production capacity.

The production performance of VN Steel in the coming months will depend on developments in the global steel market and the trajectory of the Vietnamese economy.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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