Business

Hoa Phat becomes Vietnam’s biggest steelmaker

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.
Hoa Phat becomes Vietnam’s biggest steelmaker ảnh 1Raw materials for the production of shipping containers are hot rolled coil (HRC) steel (Photo: Hoaphat.com.vn)
Hanoi (VNA) - The Hoa Phat Group has surpassed Hung Nghiep Formosa HaTinh to become Vietnam’s largest steel producer after it produced 2 milliontonnes of crude steel in the first quarter of this year, a 60 percentincrease year-on-year.

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

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

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

Hoa Phat is currently among the 50 largeststeel companies in the world and the largest in Southeast Asia./.
VNA
#Hoa Phat Group #Hung Nghiep Formosa Ha Tinh #largest steel producer #crude steel #Vietnam #Vietnamplus #Vietnam News Agency
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