Hoa Phat steel sales down 25 percent in February

Hanoi (VNA) - Leading steel manufacturer Hoa Phat Group sold a total of 439,000 tonnes of steel in February, a decline of 25 percent compared to January.

The group attributed the fall to the Lunar New Year (Tet) holiday, which lasted seven days, and the recent COVID-19 outbreak in various localities.

It recorded a slight increase in the sale of construction steel during the month, topping 189,000 tonnes. The supply of hot-rolled coil (HRC) and steel billets to the market were down 30 percent and 47 percent, respectively, to 175,000 tonnes and 75,000 tonnes.

Regarding exports, the group met orders from major markets such as the US, Japan, China, and Indonesia.

It sold 1 million tonnes of steel in January and February, including 376,000 tonnes of construction steel, 214,000 tonnes of steel billets, and 428,000 tonnes of HRC.

Hoa Phat fired up its fourth blast furnace at the Hoa Phat Dung Quat iron and steel production complex in January, helping increase its output to 627,000 tonnes in February. Notably, it set a target of producing 5 million tonnes of construction steel and steel billets and 2.7 million tonnes of HRC in 2021./.