Vietnam’s Nam Kim Steel posts record export volume for Q1

Monday, 12 April 2021 15:40:21 (GMT+3)   |   Istanbul
       

Vietnam-based steel producer Nam Kim Steel has announced that it produced 101,766 mt of finished steel including 44,320 mt of galvanized steel, 23,635 mt of cold-rolled steel, 11,031 mt of coated steel and 22,780 mt of steel pipes in March this year. The company’s total steel sales in March came to 103,481 mt, of which the export volume accounted for 62,422 mt, equivalent to more than 60 percent.

In the first three months this year, the company produced 244,301 mt of finished steel. The company’s export volume reached a record high of 151,992 mt, mainly to European countries and the US.

Nam Kim Steel said it expects revenues of VND 16 trillion ($691.19 million) for this year, up by 38 percent, and a net profit of VND 600 billion ($25.98 million), up by 200 percent, both year on year. In 2020, the company achieved a revenue of nearly VND 11.56 trillion, while its net profit was VND 295.3 billion, up more than six times over 2019.

According to the Vietnam Steel Association, global steel demand is expected to increase by 4.1 percent this year amid the recovery in developed markets, after a decline of 2.4 percent last year. The steel consumption of the country is expected to rise by eight percent due to active infrastructure investment, the recovery in the real estate market and the manufacturing industry, and supported by foreign investments.


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