VNSTEEL subsidiaries make profits hinh anh 1Producing steel at the Luu Xa steel laminating factory of the Thai Nguyen Iron and Steel Joint Stock Corporation (Photo: VNA)

Hanoi (VNA) – Many subsidiaries of the Vietnam Steel Corporation (VNSTEEL) have recorded profits despite various difficulties in the first half of 2017.

The information was released at a meeting to review the firm’s business performance in the first six months on 2017 in Hanoi on July 6.

Deputy General Director of VNSTEEL Nguyen Trong Khoi said three companies posted pre-tax profits equal or higher than the same period last year, including Thu Duc Steel Joint Stock Company (nearly 30 billion VND, or 1.3 million USD), the Ho Chi Minh City Metal Joint Stock Company (more than 35 billion VND, or 1.5 million USD) and the Foreign Trade Forwarding and Transportation Joint Stock Company Vinatrans (over 17 billion VND, or 747,800 USD).

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Profits were also recorded in many other affiliates but lower than in 2016, such as the Southern Steel Company (over 85.5 billion VND or 3.8 million USD) and the Phu My Flat Steel Company (over 11 billion VND or 483,900 USD), whose profits respectively represented 44.6 percent and 23.9 percent of last year’s six-month earnings.

Khoi said since the beginning of 2017, VNSTEEL has enhanced connectivity among its subsidiaries in the production and sale of steel products.

However, he also admitted shortcomings in operations and lingering problems in land and property management.

He noted in the next six months, the corporation will continue boosting its affiliates’ coordination, update information about the domestic and foreign steel markets and make long-term forecasts of the market to support project implementation and market expansion.-VNA