Hoa Phat could become the largest steel producer in Vietnam in 2020, states the company’s release. The company posted the highest crude steel output in the country in September. Output even surpassed that by Formosa Ha Tinh by 575,000mt.
The company has been operating at maximum capacity utilization at its iron and steel production complexes. Three blast furnaces at the Hoa Phat Dung Quat Iron and Steel Complex contributed to over 60pc of the crude steel output.
In September, the production of square billet products for construction steel touched 474,000mt. The remaining 101,000mt constituted flat billets for Hot-Rolled Coil production (HRC). Finished steel output was 352,000mt, up by 82.3pc compared to the prior year.
In January- September, the company’s crude steel output doubled from the prior-year period to 4mn mt. Of this, sales of construction steel were close to 2.5mn mt, while the rest included steel billets and HRC. Finished steel sales rose by 27pc in the period.
Hot Phat exported more than 370,000mt, registering a growth of 95pc in the first nine months. The total volume of steel billet supplied to customers under signed agreements was 1.25mn mt.
Besides, steel billet and finished construction steel, the company has been increasing its HRC output. HRC output has reached 230,000mt, contributing to the raw-material for the group’s down-stream facilities such as steel pipe and galvanized steel factories.