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.
Materials
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
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