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Asian steel-makers outside of China are being forced to restructure due to what is happening inside China.   © Reuters
Business Spotlight

Coronavirus crisis realigns Asia's steel industry stars

China enhances its dominance as rivals elsewhere respond to falling demand

RURIKA IMAHASHI, Nikkei staff writer | Japan

TOKYO -- In late July, Vietnam-based steelmaker Hoa Sen Group made a surprising announcement: it was abandoning the construction of a $10 billion production complex.

"The current objective situation is no longer consistent with the original strategic goals," the company said. The group originally proposed the project in 2016. It was to construct multiple blast furnaces that together would have the capacity to turn out 16 million tons of steel a year.

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