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Vietnam steelmaker scraps blast furnace plant due to China glut

Hoa Sen's $10bn project had potential to double country's output

A steel plant in Vietnam. The country has been seeking to boost its steel output in order to be less dependent on China, but a global glut has stymied those plans.   © Reuters

HANOI -- Vietnamese steelmaker Hoa Sen Group has walked away from a $10 billion production complex under construction because of a glut of cheap Chinese steel and local protests against the project.

The steel mill, located in southern Ninh Thuan Province, no longer fits in Hoa Sen's growth strategy, the company said in a recent statement. The project, which was to consist of multiple blast furnaces, would have been among the largest steel production centers in Vietnam.

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