That is an advance, proving the domestic steel industry, reducing dependence on import materials and gradually seizing control of input materials for steel making.
Steel production from VSA members reached 21.06 million tons, up 24.3 percent over 2016. Of these, domestic consumption neared 18 million tons and export hit 3.75 million tons, increasing 20.7 percent and 34 percent respectively.
Structural steel export topped $1 billion, up 62 percent while steel import reduced 14 percent over the same period in 2016.
VSA said that the steel market will maintain the high growth momentum, expected to reach 20-22 percent this year.
Despite the high growth forecast, VSA also anticipates that the steel industry will meet difficulties this year as most materials have depended on import materials. In addition, businesses have faced trade defense lawsuits to export products.
