Vietnam-based steel producer Hoa Phat Group has announced that its subsidiary Hoa Phat Dung Quat Steel Joint Stock Company has signed a contract in early February to export 35,000 mt of hot rolled coil (HRC) to Italy. This is the company’s first order of the year to Europe.
The shipment with steel grade SAE 1006 and manufactured according to SAE J403:2014 standard is expected to be delivered on February 15-20.
In 2021, Hoa Phat Dung Quat Steel Joint Stock Company supplied 2.6 million mt of HRC to the market, of which the export volume accounted for less than 30,000 mt. Increased exports helped Hoa Phat Group diversify its consumption markets while the domestic market was affected by the pandemic. At the same time, exports contribute to foreign currency collection and Vietnam's trade balance.
Hoa Phat Group is also implementing the Hoa Phat Dung Quat 2 Steel Integrated Complex project with an annual production capacity of 5.6 million mt of HRC. The company’s annual steel production capacity will reach about 14 million mt, including 8.6 million mt of HRC when the complex becomes operational.