Hoa Phat supplied 1.85 million tons of steel to the market in Q1

Hoa Phat produced 741,000 tonnes of crude steel in March, up 7 per cent over the previous month. Sales output of hot rolled coil (HRC) steel products, construction steel, high quality steel and steel billets reached 693,000 tons, an increase of 34 per cent compared to February 2024.

Hoa Phat supplied 1.85 million tons of steel to the market in the first 3 months of the year

Of which, Hoa Phat provided domestic and foreign markets with 381,000 tons of construction steel and high quality steel, posting 80 per cent month-on-month increase. Sales volume increased again mainly thanks to the domestic market being in construction season and the export market increased by 76 per cent compared to the previous month.

HRC steel output in March reached 263,000 tons, slightly decreased over the previous month. In addition, Hoa Phat's downstream steel products including steel pipes and galvanized steel sheets recorded more than 42,000 tons and 32,000 tons, equivalent to February 2024.

In the first quarter of 2024, Hoa Phat Group produced 2.1 million tons of crude steel, an increase of 70 per cent over the same period in 2023. Sales of construction steel, steel billet and HRC reached 1.85 million tons, a year-on-year increase of 34 per cent.

In the January-March period, Hoa Phat's construction steel and high quality steel reached an output of 956,000 tons, an increase of 10 per cent. Hot rolled steel coil reached 805,000 tons, up 67 per cent compared to the same period last year. Hoa Phat also provides over 87,000 tons of steel billets to other Vietnamese steel rolling factories and for exports.

Hoa Phat steel pipes provided the market with 131,000 tons in the first quarter of 2024, down 18 per cent over the corresponding period last year. Galvanized steel pipes of all kinds reached an output of 98,000 tons, up 40 per cent over the same period in 2023, of which the amount of exported corrugated iron in the last 3 months has grown strongly, contributing more than 61,000 tons.

Hoa Phat's crude steel capacity currently reaches 8.5 million tons a year, the largest in Southeast Asia. Currently, the group is accelerating the progress of the Hoa Phat Dung Quat 2 Steel Integrated Complex project with a scale of 5.6 million tons of high quality HRC per year. When the project is put into operation in 2025, Hoa Phat's annual steel production capacity will be 14.6 million tons, of which HRC alone will reach 8.6 million tons a year.

HRC steel output in March decreased slightly compared to the previous month

The Dung Quat 2 project has so far reached over 50 per cent of all main items. Hoa Phat is focusing its efforts on synchronous deployment with hundreds of domestic and foreign contractors and partners, both constructing and installing equipment, striving to complete the first items by the end of 2024. It is expected that the Phase 1 of the project will go into operation in the first quarter of 2025.

HPG News