According to media reports, Vietnam-based steelmaker Hoa Phat Group has announced that in August this year, it produced 193,000 mt of long steel, up 7.6 percent year on year, which helps the company to maintain its market share of more than 25 percent, as the leading producer.
In August, the company’s export volume reached about 18,000 mt, doubling the August 2018 figure, while its turnover totaled $9.4 million.
In the January-August period of the current year, Hoa Phat’s long steel production totaled 1.77 million mt with an increase of over 20 percent year on year. In the same period, the producer exported 165,000 mt of long steel with an increase of 38 percent as compared to the same period of the previous year, while its sales to domestic market totaled 252,833 mt year on year, more than doubling the January-August 2018 period figure.
According to statistics of the Vietnam Steel Association, construction steel sales volume in July of the lunar calendar usually tends to decrease, in addition, bad weather, prolonged rain and storms also slow down construction progress. construction. However, Hoa Phat steel sales still maintained a growth rate over the same period.
Hoa Phat’s annual capacity is 3 million mt and company targets to increase its long steel producing capacity to 4 million mt per year by early 2020.