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Tag: steelmaker

  • Steelmaker Hoa Phat’s sales surge 32% in two months

    Steelmaker Hoa Phat’s sales surge 32% in two months

    Vietnamese steel giant Hoa Phat Group saw a 32% rise in sales volume of steel products in the first two months of this year, the firm reported.

    In the January-February period, Hoa Phat sold 1.15 million tonnes of hot rolled steel products (HRC), construction steel, high quality steel and steel billets. Meanwhile, the firm produced 1.38 tonnes of crude steel, an increase of 71% over the same period last year.

    However, in February, the firm saw a considerable drop in steel sales volume compared to that in January, mostly due to the long Lunar New Year holiday. In the month, Hoa Phat produced 690,000 tonnes of crude steel, a similar output as January.

    In the month, its sales volume of hot rolled steel products, construction steel, high quality steel and steel billets was 518,000 tonnes, down 19% compared to the first month of the year.

    Meanwhile, the firm sold 212,000 tonnes of construction steel and high quality steel, down 42% compared to January, along with 266,000 tonnes of HRC products, 41,000 tonnes of steel pipes, and 32,000 tonnes of galvanized steel.

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  • Steelmaker Hoa Sen eyes smallest profit in 10 years

    Steelmaker Hoa Sen eyes smallest profit in 10 years

    Steelmaker Hoa Sen Group expects a modest after-tax profit of VND100 billion (US$4.2 million) to VND300 billion this year as a raft of potential pitfalls loom.

    Whichever figure it achieves will be the lowest in the last 10 years, mainly due to anticipated export difficulties.

    According to the first scenario envisioned by Hoa Sen, the company will post sales of 1.4 million tons of finished products, with revenues of VND34 trillion, and after-tax profits of VND100 billion.

    With a more optimistic scenario of selling 1.5 million tons of finished products, the company expects to gain VND36 trillion in revenue and VND300 billion in profit.

    In the last 10 years, the lowest profit target the company has ever set is VND400 billion and the highest is VND1.65 trillion.

    Hoa Sen’s management said steel exports this year have many potential uncertainties in the context of increasing competition and trade barriers.

    Tightened monetary policies and higher lending interest rates as well as foreign exchange rates will also affect the company’s production and business.

    Hoa Sen reported after-tax losses of VND680 billion from October to December 2022, the first quarter of this fiscal year.

    According to Viet Dragon Securities Corp., having incurred net losses for two consecutive quarters, the steelmaker is experiencing the most difficult period in its history.

    Hoa Sen’s difficulties are considered to be twice as bad as its competitors as it operates in both the manufacturing and retail sectors.

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  • Steelmaker Hoa Phat reports 2.5-fold jump in profits

    Steelmaker Hoa Phat reports 2.5-fold jump in profits

    Vietnam’s biggest steelmaker Hoa Phat Group said post-tax profits were up 2.5 times last year to VND34.52 trillion ($1.52 billion).
    The company sold 8.8 million tons of steel during the year, a 35 percent increase.

    It accounted for nearly a third (32.6 percent) of the construction steel market.

    Exports doubled to 2.6 million tons even as the domestic market was hurt by the Covid-19 pandemic.

    The company’s other businesses maintained their leading positions in the market. It topped in terms of Australian beef production and was the leader in the northern chicken egg market.

    The company is working on some major projects this year such as its second steel manufacturing plant and a new port in the central province of Quang Ngai.

    It is also building a container manufacturing plant in the southern province of Ba Ria