HCM City (VNA), Jan. 24 -- The Vietnamese steel industry is expected to face difficulties this year due to an increase in production capacity, falling demand and protectionist measures by countries to reduce imports, according to experts.

Last year was a difficult one for steel exporters due to the increase in protectionism, they said.

Exports to the US and the EU markets, the second and third largest markets for Vietnamese steel, fell by a combined 44 percent in terms of volumes.

Prices too dropped due to falling global demand, causing losses to some construction steel companies.

Many companies have seen profit margins plummet, suffered losses or have cut output.

Domestic consumption was also lower than in 2018, with consumption in ...