Hoa Phat steel sales up despite higher raw material prices
Vietnam’s largest steelmaker, the Hoa Phat Group, sold a total of 3.7 million tonnes of steel products in the first five months of this year, up nearly 70 percent against the same period last year.
Construction steel produced by Hoa Phat Group (Photo: VNA)
Hanoi (VNA) - Vietnam’s largest steelmaker, the Hoa Phat Group, sold a total of 3.7million tonnes of steel products in the first five months of this year, upnearly 70 percent against the same period last year.
The sale ofconstruction steel hit 1.6 million tonnes, an increase of 27.5 percent, while thatof square steel billet reach 576,000 tonnes, more or less the sameyear-on-year.
Hoa Phat also producednearly 3.4 million tonnes of pig iron in the first five months, surging 56.5percent year-on-year.
It produced 1.1million tonnes of hot rolled coil (HRC) for the domestic market, along with334,000 tonnes of steel pipe and 123,000 tonnes of coated steel sheet, postingyear-on-year rises of 21 percent and 270 percent, respectively.
Despite a rise inmaterial prices in May, the sale of Hoa Phat’s construction steel in thecentral region saw the highest growth in the country, of 45 percent, while inthe northern region the growth hit 22 percent.
It sold 695,000tonnes of steel products during the month, comprising 324,000 tonnes ofconstruction steel, up 25 percent, and 225,000 tonnes of HRC.
The steelmakershipped 70,000 tonnes of construction steel and 52,000 tonnes of billet abroad inthe period.
Hoa Phat currentlyboasts a production capacity of 8 million tonnes annually. This year, it aimsto produce 5 million tonnes of construction steel and billet, 2.7 milliontonnes of HRC, 920,000 tonnes of pipe, and more than 300,000 tonnes of coatedsteel sheet./.
Soaring raw material prices coupled with delays in shipping due to the COVID-19 pandemic significantly pushed up steel prices recently, according to the Ministry of Industry and Trade.
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Construction steel produced by Hoa Phat Group (Photo: VNA) 
