Hoa Phat Construction Steel (HPG) reached 306,000 tons in August, the highest since the beginning of the yearThursday, September 21,2023
AsemconnectVietnam - In August 2023, Hoa Phat Group (HPG code - HOSE) produced 686,000 tons of crude steel, an increase of 8% over the previous month and 20% over the same period last year.
Sales output of construction steel, steel billets, and hot rolled steel coils (HRC) reached 558,000 tons, equivalent to July. Of which, Hoa Phat construction steel recorded 306,000 tons, the highest since the beginning of the year and an increase of 18% compared to July.
In the past month, Hoa Phat said that construction steel reached a high level partly due to export output of 98,000 tons, 3.5 times higher than July 2023 and the highest within the past year.
In the context of fierce competition, Hoa Phat's HRC steel still recorded a sales output of 241,000 tons, down 17% compared to the previous month. In the domestic market alone, the Group's HRC consumption increased by 16% compared to July.
In addition, the Group also supplied 40,000 tons of steel pipes and nearly 12,000 tons of galvanized steel sheets of all kinds in August, down 45% and 63% respectively compared to the previous month.
Accumulated in the first 8 months of the year, Hoa Phat Group recorded 4.18 million tons of crude steel, down 25% compared to the same period in 2022. Sales of construction steel products, steel billets, and HRC reached more than 4 million tons, down 22% over the same period.
Of which, construction steel, high-quality steel coils for mechanical engineering (drawing wires, making screws, car tires, pre-stressed steel...) reached 2.2 million tons, down 29% compared to the previous year. The first 8 months of 2022. Through 8 months, Hoa Phat's hot rolled steel coils have provided the market with more than 1.7 million tons, down 3% over the same period last year.
HRC downstream products such as steel pipes and galvanized steel sheets reached 439,000 tons and 219,000 tons, respectively, down slightly over the same period last year.
Currently, Hoa Phat has a capacity of 8.5 million tons of crude steel, the largest in Southeast Asia. In addition to stabilizing production, the Group is actively implementing the Hoa Phat Dung Quat 2 Iron and Steel Production Complex project, with a capacity of 5.6 million tons of HRC/year, expected to be completed in 2025. At the beginning of September 2023, the project has implemented 35% of the work progress.
In its long-term development strategy, the Group orients to produce green steel, focusing on developing high-quality steel and high-tech steel to serve the mechanical engineering and steel structure industries.
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