AsemconnectVietnam - Vietnam Steel Corporation - Joint Stock Company (VNSteel, stock code TVN - UPCoM) has just announced the production and business situation in November 2023.

In November 2023, the entire VNSteel system achieved sales output of over 324,300 tons, consumption increased by 53% compared to the previous month and increased by 36% compared to the same period in 2022. Of which, construction steel contributed over 235,600 tons, up 62% compared to October 2023 and up 19% over the same period in 2022. Flat steel output reached over 88,600 tons, up 32% compared to October 2023 and up 114% over the same period in 2022.
Cumulatively in the first 11 months of 2023, VNSteel's consumption of finished steel products will reach over 2.6 million tons of all types; Of which construction steel reached over 1.9 million tons, flat steel reached over 0.7 million tons.
The steel production capacity of the entire VNSteel system is 5 million tons of steel/year. In the last month of 2023, the Company said that the units are ready to operate at maximum capacity to serve the needs of domestic and foreign markets, while creating momentum for 2024.
Previously, the Company announced business results for the first 9 months of 2023 with net revenue down 24%, to VND23,027 billion and a loss after tax of VND453 billion (same period last year loss was VND412 billion).
By the end of November 2023, VNSteel asked for shareholders' opinions and was approved to adjust the 2023 production and business plan with the parent company's pre-tax profit target reduced from VND52 billion to VND1 billion.
Despite less positive business results in the first 9 months of the year, the Company still pays 2022 cash dividends to shareholders at a rate of 3% (equivalent to 01 share receiving VND300) from 23 November, corresponding to a total value of VND203.4 billion.
N.Nga
Source: VITIC/Tinnhanhchungkhoan