As the domestic market has been heavily affected by the COVID-19 pandemic, many small steel enterprises experienced a sharp decline in profit in the third quarter of 2021.

Both the entities have signed a memorandum of understanding (MoU) to this effect.

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The ministry has already directed the public sector undertakings (PSUs) and private players to take measures to cut imports of special steel.

U.S. steel mills shipped 7,893,990 net tons, a 16.9 percent increase from the 6,753,447 net tons shipped in November 2020.

In November alone, Hoa Phat shipped more than 100,000 tonnes of construction steel abroad, seeing a 2.3-fold increase year on year.

American Iron and Steel Institute (AISI) reported that the U.S. imported a total of 3,120,000 net tons (NT) of steel in November 2021.