HSG exports steel sheets to US
Steel producer Hoa Sen Group reported that it shipped 17,000 tonnes of steel sheets to the US worth US$14 million on Thursday.
The company has been exporting to the US since 2014 and shipments have been increasing recently.
A company spokesperson said the shipment proves the company’s capacity and global competitiveness since exports to the US and EU have been hit by the trade barriers they have imposed.
Hoa Sen has exported to over 75 nations and territories.
In 2017-18, it produced nearly 1.9 million tonnes of steel worth over VND34.4 trillion ($1.5 billion), up 13 per cent in volume and 32 per cent in value over the previous year.
Revenues from domestic sales were worth over VND22 trillion ($964 million), up 34 per cent, and exports fetched $538 million, up 27 per cent.
Its profit after tax was VND410 billion ($18 million).
It uses advanced technologies to meet the standards expected in international markets like the US, the EU, Japan, Australia, India, Indonesia, and Malaysia, it said.
Exports would become easier when it sets up production facilities near ports, it said.
At a ceremony held to flag off the year’s first export consignment, the company signed a strategic agreement with South Korea’s SK Group under which SK Shipping would transport its products to foreign markets.