VnSteel’s pre-tax profits expected to hit 200 billion VND hinh anh 1Illustrative image (Source: VNA)
Hanoi (VNA) – The Vietnam Steel Corporation (VnSteel) expects to disburse 454 billion VND (20 million USD) in investment and earn 200 billion VND (8.8 million USD) in pre-tax profits in 2017.

The information was released by chairman of the VnSteel board of directors Nghiem Xuan Da at the corporation’s annual stakeholders meeting in Hanoi on April 25.

Da said this year, VnSteel will take drastic measures to update market information, reduce product prices, completing distribution network, promote VnSteel trademark and improve its position on the market.

The corporation will also accelerate its approved restructuring plan, concentrate capital on key production and business operations and give financial support to its subordinate companies.

A report delivered at the meeting showed that last year, VnSteel’s earned 17.85 trillion VND (786.3 million USD) in consolidated net revenues, 948 billion VND (41.8 million USD) in pre-tax profits and 834.6 billion VND (37 million USD) in post-tax profits.

The corporation produced 2.07 million tonnes of steel billets and 3.99 million tonnes of steel products last year, up 25 percent and 19 percent year on year, respectively.

Its steel sales reached 4 million tonnes, exceeding the target by 13 percent and up 24 percent year on year, of which 3.15 billion tonnes are construction steel.-VNA