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

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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.

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

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.

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