Ministry will supervise $10.6 billion steel projectThe Ministry of Industry and Trade (MoIT) will directly assess and supervise the development of the 10.6 billion USD Hoa Sen Ca Na steel making complex in the south-central province of Ninh Thuan, an official said. Almost 97 percent of Hoa Sen shareholders approved construction of the mammoth steel plant at a meeting held at their extraordinary meeting held earlier this month. According to the department, Vietnam has only been able to produce construction-grade steel and imports steel for manufacturing and support industries. The imported volumes amount to some 13 million tonnes every year, and annual trade deficits generated by the steel industry average around 7 billion USD. VN to build modern steel industry The master planning of the steel industry must focus on building a modern and sustainable industry, according to Deputy Prime Minister Trinh Dinh Dung.

Source: VietNamNet News September 15, 2016 02:56 UTC