Vietnam-based steelmaker Hoa Phat Group has announced that it produced two million mt of crude steel in the first quarter this year, becoming the largest steel producer in the country.
In March alone, Hoa Phat produced 700,000 mt of crude steel, increasing by 56 percent compared to the same month last year, constituting the company’s highest monthly output so far. Hoa Phat continued to take the leading position in the steel construction and steel pipe sectors with market shares of 33.8 percent and 30.19 percent respectively. In the given month, Hoa Phat was also in the Top 5 producers in Vietnam with the largest market share in steel sheet production, accounting for six percent of the country’s total.
Hoa Phat’s crude steel production reached over 8 million mt in 2020, including over 5 million mt of construction steel and 3 million mt of hot rolled coil. When the Hoa Phat Dung Quat 2 project comes into operation, Hoa Phat’s crude steel output is expected to reach 14 million mt a year.