Vietnam-based steelmaker Hoa Phat has announced that it will increase its annual steel production capacity to 14 million mt at its Dung Quat 2 integrated steel complex with credit of VND 35 trillion ($1.53 billion) from eight commercial banks.
According to the statement, the project with a total outlay of VND 85 trillion ($3.72 billion) and an annual capacity of 5.6 million mt of HRC is considered to be the company’s most significant expansion program. With the project, the company aims to become the largest HRC producer in Vietnam. The project is expected to create 8,000 new jobs.