- Crude steel production likely to surpass 10 mnt in CY’25
- HRC sales surge by 23% y-o-y, domestic offtake up 9%
Japan Metal Daily: Hoa Phat Group, a leading Vietnamese steelmaker, recorded a 26% y-o-y rise in crude steel production in Q1CY’25, to 2.66 million tonnes (mnt).
Factors driving growth
This increase in crude steel production is attributed to favourable weather conditions after the Lunar New Year (Tet) and increased government investment in infrastructure projects, as per Hoa Phat Group. With this momentum, the company is expected to exceed 10 mnt of crude steel production for the year.
Product sales
In terms of product sales, hot-rolled coil (HRC) sales surged by 23% y-o-y to 990,000 tonnes (t), with domestic sales rising by 9% y-o-y to 870,000 t.
Expansion plans
The company has also commenced trial operations for the second phase of expansion at its Dung Quat steelworks, which includes a state-of-the-art hot-rolling mill. The project is expected to be fully operational by the end of the year, boosting the company’s annual steel production capacity to around 15 mnt. This will solidify Hoa Phat Group’s position as the largest steel producer in Southeast Asia and one of the world’s leading steel manufacturers.
Note: This article has been written in accordance with a content exchange agreement between Japan Metal Daily and BigMint.
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