Hoa Phat sees significant growth in steel pipe sale in November

Hanoi (VNA) – Leading steel manufacturer Hoa Phat Group sold 95,000 tonnes of steel pipes in November, a year-on-year increase of 31.2 percent.

The group also sold about 16,900 tonnes of galvanized steel sheet roll, up 135 percent against the same period last year.

It saw strong growth in steel sales in all three regions last month, with 34.2 percent recorded in the north; 33.7 percent in the south; and 17.8 percent in central Vietnam despite the fact that the region has been severely stricken by floods and storms over the last two months.

Ta Thanh Binh, head of the business division at Hoa Phat Steel Pipe Co., Ltd. – a subsidiary of Hoa Phat Group, attributed the sharp growth to the government’s policies to boost public investment and high demand during the year end as it is the peak time for developers to complete construction projects.

Additionally, the significant increase in global prices of construction materials in recent months was another contributor to the growth, Binh said.

Hoa Phat sold nearly 4.14 million tonnes of steel in the first ten months of 2020. Of the total, more than 2.7 million tonnes of construction steel were supplied to the market, up 28.6 percent year-on-year.

It exported 435,000 tonnes of ready-to-use steel in the period, double the volume in the same period last year.

In addition to construction steel, the Hoa Phat Dung Quat complex produced over 340,000 tonnes of hot rolled steel coil (HRC) in the first ten months./.