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Skyrocketing material prices place duress on contractors 08:00 | 12/05/2021
Skyrocketing material prices places duress on contractors, Illustrative image. Photo: VNA
The Vietnam Association of Construction Contractors (VACC) has sent a document to the Government Office calling for help to protect Vietnamese contractors from the risk of bankruptcy due to the sudden dramatic increase in steel prices in the first quarter and early days of last month.
According to the association, steel prices have increased by 30-40 per cent compared to the end of the fourth quarter of 2020. In addition, the price of sand, bricks, and cement surged, leading to construction costs flying way past estimates.
Indian steel major Tata Steel has filed a commercial court claim in the UK against British Indian steel tycoon Sanjeev Gupta led GFG Alliance, which owns Liberty Steel, over alleged missed payments from an acquisition dating back to 2017. Liberty Steel had stepped in to acquire Tata s Speciality Steels business employing more than 1,700 people in Yorkshire, Lancashire and the West Midlands in an estimated 100 million pounds deal, which Tata Steel announced as complete in May 2017. Now, it has emerged that payments have been missed in that transaction resulting in Tata launching proceedings against Liberty Speciality Steels, Liberty House Group PTE and Speciality Steel UK all parts of GFG Alliance, The Daily Telegraph first reported.