Steel companies post low profits on rising iron ore prices
Friday, August 9,2019AsemconnectVietnam - Second-quarter earnings of steelmaking companies showed signs of deterioration as prices of iron ore continued to increase, leading to higher production costs and lower profit. Hoa Phat Group (HPG), the biggest listing steelmaker, reported revenue of VND15.3 trillion (US$656.7 million) in the second quarter, up 6 per cent year-on-year, but its profit after tax declined 7 per cent in the reviewed period, reaching VND2.05 trillion.
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