The Vietnam Steel Corporation (VSC) will continue divesting capital fromunprofitable firms after slow progress was made last year.
It will also make necessary changes to the 2015 development strategy toposition itself for 2025 goals, including keeping close tabs on itsaffiliates and joint-ventures while monitoring market developments topurchase raw materials at competitive prices to ensure low-cost outputs.
From the outset of 2015, VSC has directed its units tostockpile enough materials for production, Deputy General Director Vu BaOn told a conference held to evaluate the corporation’s 2014performance and determine 2015 tasks in Hanoi on January 19.
Technological advances will also be utilised to improve inventory and quality control.
Last year, VSC sold 2.97 million tonnes of steel, a 4.2 percentincrease from 2013, with billet steel growing by nearly 40 percentthanks to the inauguration of Lao Cai Iron and Steel Factory inSeptember.
The growth generated total sales of 24.9 trillionVND (1.1 billion USD), an annual reduction of 7.1 percent due to fallingmarket prices, but resulted in over 70 billion VND (3.3 million USD) inprofit, doubling its target for the year. Its subsidiary andjoint-venture companies earned a pre-tax net income of 847 billion VND(40.3 million USD), marking a 65 percent increase.-VNA
It will also make necessary changes to the 2015 development strategy toposition itself for 2025 goals, including keeping close tabs on itsaffiliates and joint-ventures while monitoring market developments topurchase raw materials at competitive prices to ensure low-cost outputs.
From the outset of 2015, VSC has directed its units tostockpile enough materials for production, Deputy General Director Vu BaOn told a conference held to evaluate the corporation’s 2014performance and determine 2015 tasks in Hanoi on January 19.
Technological advances will also be utilised to improve inventory and quality control.
Last year, VSC sold 2.97 million tonnes of steel, a 4.2 percentincrease from 2013, with billet steel growing by nearly 40 percentthanks to the inauguration of Lao Cai Iron and Steel Factory inSeptember.
The growth generated total sales of 24.9 trillionVND (1.1 billion USD), an annual reduction of 7.1 percent due to fallingmarket prices, but resulted in over 70 billion VND (3.3 million USD) inprofit, doubling its target for the year. Its subsidiary andjoint-venture companies earned a pre-tax net income of 847 billion VND(40.3 million USD), marking a 65 percent increase.-VNA
