Steelmaker Hoa Phat increases market share to 32 pct.

Illustrative image (Photo: Hoa Phat Group)

Hanoi (VNA) - Steelmaker Hoa Phat Group posted strong growth in the first eight months of this year, raising its market share to 32 percent as of late August.

The group produced 3.2 million tonnes of steel in the January-August period, including over 2.1 million tonnes of finished products, a year-on-year increase of 18.3 percent.

The result was attributable to stable production at the Hoa Phat Dung Quat steel and iron production complex in the central province of Quang Ngai since 2018.

In 2017, a year after the completion of Phase 3 of the Hoa Phat Hai Duong steel and iron production complex, the steelmaker’s market share rose to 22.2 percent, becoming the largest supplier for the first time.

Investment in the Dung Quat complex totalled 60 trillion VND (2.58 billion USD), with a designed capacity of some 5 million tonnes per year.

Sales of members of the Vietnam Steel Association (VSA) have reached 6.6 million tonnes since the beginning of the year, a year-on-year decline of 5.8 percent, according to the association.

Of this, 906,000 tonnes of steel were exported, down 5.9 percent compared to the same period last year./.