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Vietnam Business » Vietnam Business News » BlueScope Steel Vietnam increases output by 20%

BlueScope Steel Vietnam increases output by 20%

BlueScope Steel Vietnam will increase its output by 20% to meet the increasing demand from the construction, real estate and export sectors, said the companys top executive. Cheong Ku Wei, president of the Australian steel maker, said the increased output would meet the growing demand for construction steel, especially in the real estate sector, which had shown signs of recovery since late last year after the economic downturn.

"Since late 2009, Ive seen signs of recovery in the construction and real estate sectors, which certainly helped boost the demand for steel used for both residential and industrial facilities," Wei told the Daily on Tuesday at BlueScope Steel mill in Phu My 1 Industrial Zone in Ba Ria-Vung Tau Province.

The mill specializes in metallic coated and painted rolled steel. He added that it would achieve its full 125,000 ton per year capacity this May.

Earlier this year, the Vietnam Steel Association forecast that steel production in 2010 would increase by 10% to 12% to 5.8 millions tons.

Currently, the steel maker exports 30% and sells 70% of its total output in the local market. It has four mills in Ha Tay, Dong Nai and Vung Tau.

Wei said that economic recovery in neighboring countries and the Governments increased forex rate had helped to boost steel exports as well.

According to Wei, BlueScope will continue to invest in downstream steel projects over the next few years.

"The investment is consistent with BlueScope Steels strategy to grow our downstream steel products in Vietnam. Our business in Vietnam has been faring efficiently, and the market has demonstrated strong growth. Our next downstream steel mill will probably be in North Vietnam," he said.

Vietnam Business And Financial News Network. Source [english.thesaigontimes.vn]

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