On June 25, Vietnam-based Hoa Phat Group has stated that it aims to release commercial HRC products to the market as of September this year, as the second phase of its Dung Quat project, which includes two blast furnaces and a flat rolling complex, is expected to be completed in the second half of the year - as announced during the company’s general meeting of shareholders.
The company stated that the quality of the products has been improved and that it will try to complete the trial run and have commercial products for the market by September-October.
Hoa Phat Group started trial production at its new HRC line in April, as previously reported by SteelOrbis.
Meanwhile, the company said that it is not likely to achieve its annual sale target of 3.6 million mt for construction steel in 2020.
The company also expects a net profit of VND 9 trillion ($387.32 million) for the current year, rising by 19 percent year on year. The company also aims to achieve VND 86 trillion ($3.7 billion) revenue this year, increasing by 33 percent compared to the previous year.