Steel exports to the US: Remarkable growth
Steel NewsDate: 16-10-2024 by: Ngoc Cam
The steel industry has witnessed significant growth in exports to the US market, demonstrating its competitive ability and reliability on the international stage.
In the first 7 months of 2024, the US was the largest export market for steel, with 1.11 million tons, generating a revenue of 923 million USD, a 91.3% increase from the previous year. This strong signal indicates the potential for expanded trade relations between the two countries in the near future.
steel exports to the US soar, showcasing strong trade growth and future opportunities
Challenges and opportunities
Despite challenges such as anti-dumping investigations by the US International Trade Commission, has not only maintained but also strengthened its position in the global market. This is thanks to the growth in exports of corrosion-resistant steel products and oil country tubular goods (OCTG), showcasing advanced production capabilities and technology. Specifically, the US imported over 11,000 tons of OCTG products in August 2024 and 565,400 tons of CORE products in the first eight months of the year.
steel industry thrives amid challenges, driving export growth and expanding global presence
In September 2024, the phase 2 project of the Hoa Phat Group’s integrated steel plant in Nong Quy, Quang Ngai province is expected to complete the installation of a hot strip mill with a capacity of 5.5 million tons per year. The mill can produce sheets ranging from 1.2-25.4mm in thickness and hot coils from 900-1650mm in width. Once installation is completed, the Hoa Phat Group will begin cold trials and machine calibration, with hot trials expected by the end of the year. The production facility will also be equipped with two 2,500m3 blast furnaces (2.5 to 2.8 million tons/year) and a steel conversion workshop, including two continuous slab casters (total capacity of 6 million tons/year). The trial operations will be carried out in two phases: the first phase will be completed in early Q1 2025 and the second phase equipment will start operating in Q4 2025.
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