Vietnamese steelmaker, Hoa Phat produced 2mn mt of crude steel in Jan-March (Q1 2021). Production in Q1 rose by 60pc from the prior-year period, making the Hoa Phat the largest steel producer in the country, surpassing Formosa Ha Tinh, as per a company release.
Formosa’s output in the period stood at 1.62mn mt, 20pc lower than that by Hoa Phat.
In March, Hoa Phat produced 700,000mt of crude steel, up by 56pc from Q1 2020. In the country’s construction steel and steel pipe segments, the mill had the largest share of 33.8pc and 30.19pc, respectively.
The company’s annual steel output crossed 8mn mt, which includes 5mn mt of construction steel and 3mn mt of HRC in FY2020. Dung Quat complex contributes the largest share with 5.2mn mt, followed by Hai Duong Iron and Steel complex with 2.5mn mt. The annual rolling capacity at Hung Yen stands at 400,000mt. Hoa Phat is in the process of expanding its capacity. Once the Hoa Phat Dung Quat 2 project is completed, the steelmaker’s capacity would reach 14mn mt.