Vietnam-based steel producer Hoa Phat Group has decided to make arrangements regarding its production volumes in order to ensure production and business activities can continue in the current market situation characterized by weak demand. The company plans to shut down its two blast furnaces at Hoa Phat Dung Quat and two furnaces at Hoa Phat Hai Duong from this month.
The company also plans to stop another blast furnace at Hoa Phat Dung Quat in early December.
Hoa Phat Dung Quat has four blast furnaces with a total annual capacity of 4.8 million mt of crude steel. However, it is currently operating at half of its capacity.