17:57 (GMT +7) - Tuesday 25/09/2018

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Hoa Phat Group's 8M steel output up 10%

Released at: 08:32, 09/09/2018

Hoa Phat Group's 8M steel output up 10%

Image from satthepxaydung.vn

Group exports nearly 119,000 tonnes of steel from January-August, up 63% year-on-year.

by Van Chi

The Hoa Phat Group turned out 179,400 tonnes of construction steel in August, 9,500 tonnes of which were for export, according to an announcement from the group.

In the January to August period it produced 1.473 million tonnes of steel, up nearly 10 per cent compared with the same period last year.

The central region and central highlands was its highest growth market, with an increase of nearly 18 per cent year-on-year. More than one million tonnes of steel were sold in its traditional market of the north, up 8.9 per cent year-on-year.

Hoa Phat’s traditional foreign markets include Australia, Cambodia, the US, and Malaysia, while Canada is a new market.

It exported nearly 119,000 tonnes in the first eight months, mostly steel and rolled steel SAE1008, SAE1015, and SWRM17, rising 63 per cent year-on-year.

According to the Vietnam Steel Association, sales of construction steel in August often decline due to prolonged rain that slows down construction progress.

A representative from Hoa Phat was quoted by local media as saying that between now and year’s end it will enhance production at its iron and steel complex in the northern province of Hai Duong and will soon put into operation the first steel laminating line at its Dung Quat complex in central Quang Ngai province, with a view to increasing sales in the central and southern regions as well as exports.

Production at the Hai Duong complex has risen nearly 18,000 tonnes each month since the beginning of the year. As the first products from the Dung Quat complex are expected in the fourth quarter, Hoa Phat anticipates surpassing its plan of selling 2.3 million tonnes this year.

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