Hoa Phat becomes Vietnam’s biggest steelmaker

16-Apr-2021 Intellasia | VNA | 5:02 AM Print This Post

The Hoa Phat Group has surpassed Hung Nghiep Formosa Ha Tinh to become Vietnam’s largest steel producer after it produced 2 million tonnes of crude steel in the first quarter of this year, a 60 percent increase year-on-year.

Hung Nghiep Formosa Ha Tinh took the second spot with output of 1.62 million tonnes, 20 percent lower than Hoa Phat.

In March alone, Hoa Phat produced 700,000 tonnes of crude steel, up 56 percent year-on-year and its highest-ever output for a month. It continued to take the leading position in terms of construction steel and steel pipe, with market shares of 33.8 percent and 30.19 percent, respectively.

The group’s crude steel production has reached over 8 million tonnes a year, including over 5 million tonnes of construction steel and 3 million tonnes of hot rolled coil (HRC). Of the total, the Hoa Phat Dung Quat Steel Integrated Complex is the largest producer, with annual production of 5.2 million tonnes, followed by the Hoa Phat Hai Duong Steel Integrated Complex with 2.5 million tonnes a year. Its steel mill complex in Hung Yen province has a capacity of 400,000 tonnes a year. When the Hoa Phat Dung Quat 2 project comes into operation, the group’s crude steel output is expected to reach 14 million tonnes a year.

Hoa Phat is currently among the 50 largest steel companies in the world and the largest in Southeast Asia./.

https://en.vietnamplus.vn/hoa-phat-becomes-vietnams-biggest-steelmaker/200122.vnp

 

Category: Business, Vietnam

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