Vietnam has become the largest and fastest growing steel producer in the world

Vietnam shows the highest rate of growth in steel production among the top ten countries, as evidenced by data published by the World Steel Association on September 24.
In August 2026, the country produced about 2.7 million tons of steel, increasing production by 36.4% compared to August last year.
In January-August, production reached 20.6 million tons, an increase of about 29% in annual measure. This is the highest dynamics among the world's largest producers.
According to the accumulated result, Vietnam is already among the top ten world steel producers, approaching Brazil in production volume, which produced 21.8 million tons in eight months.
For comparison, the world's largest producer - China - during the same period reduced production by 3.1%, to 651.9 million tons, while India increased it by 6%, to 115.9 million tons. The USA increased production by 5.5%, Turkey by 6.8%, Germany by 6.3%.
As a result, the world steel market is becoming increasingly heterogeneous: with a general decrease in production by 0.7% in January-August, individual Asian markets continue to rapidly increase capacity and production volumes.
The difference within Asia is especially noticeable. In August, production in the entire Asia and Oceania region fell by 1.4% due to a reduction in output in China, but India and Vietnam continued to grow.
According to the results of August, the countries of Asia and Oceania accounted for 106.7 million tons of 144.2 million tons of global production, that is, about 74% of global steel production.