Hoà Phát (HPG) achieves positive business results in Q1
Hoà Phát (HPG) achieves positive business results in Q1
Hoà Phát Group produced 2.1 million tonnes of crude steel in the first quarter of 2024, up 70 per cent over the same period in 2023, including 741,000 tonnes in March, up 7 per cent month on month.
Hoà Phát sales of construction steel, steel billet and HRC reached 1.85 million tonnes, an increase of 34 per cent quarter on quarter. — Photo courtesy of Hoà Phát |
During the quarter, its sales of construction steel, steel billet and hot rolled coil (HRC) reached 1.85 million tonnes, an increase of 34 per cent quarter on quarter.
Of which, Hoà Phát's construction steel and high-quality steel output reached 956,000 tonnes, an increase of 10 per cent. HRC output reached 805,000 tonnes, up 67 per cent compared to the first 3 months of last year.
Hoà Phát also supplied over 87,000 tonnes of steel billets to other Vietnamese steel factories and for export.
The output of galvanised corrugated iron sheets stood at 98,000 tonnes, an increase of 40 per cent over the same period in 2023. Of which, it exported more than 61,000 tonnes in the first quarter.
Meanwhile, Hoà Phát saw a reduction of 18 per cent on year in steel pipe consumption to 131,000 tonnes in the first quarter this year.
In March 2024, sales of HRC, construction steel, high quality steel and steel billets reached 693,000 tonnes, an increase of 34 per cent compared to that in February.
Of which, Hoà Phát supplied 381,000 tonnes of construction steel and high-quality steel for the domestic market and export, an increase of 80 per cent compared to last February.
The increase in sales was mainly due to the domestic market entering the construction season, while exports rose by 76 per cent compared to the previous month.
Hoà Phát now has the largest crude steel capacity in the Southeast Asia at 8.5 million tonnes each year. This group is accelerating the progress of completing the Hoà Phát Dung Quất 2 iron and steel production project with a capacity of 5.6 million tonnes of high quality HRC per year. By March 2024, the Dung Quất 2 project has reached over 50 per cent of its progress.
The first phase of the project is expected to operate from the first quarter of 2025. When the project is put into full operation, Hoà Phát's steel production capacity will reach 14.6 million tonnes each year, including 8.6 million tonnes of HRC.
