Vietnamese Steel Makers Record Huge Jump in Profits in H1 of 2021
Vietnamese steel producers have posted strong results in the second quarter of this year, supported by high steel prices. Strong
03 Aug, 2021, 4:09 am
Vietnamese steel producers have posted strong results in the second quarter of this year, supported by high steel prices. Strong construction activities during the first six months of the year also boosted steel product sales. According to Viet Nam Steel Association, construction steel prices rose nearly 9.3% for the year to VND 16,500 per kg in July, which was up 50% over the same period last year. And even though high steel prices provide significant benefits for steel producers in the short term, it also creates economic pressure on many downstream industries including construction, machinery manufacturing, real estate and public investment. Higher construction steel prices have caused many small construction constructors to go bankrupt and even big constructors t
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Local steelmakers red hot on investment Chia sẻ | FaceBookTwitter Email Copy Link Copy link bài viết thành công
02/05/2021 06:32 GMT+7
Over recent months, the steel market has retained positive momentum after its recovery in mid-2020, helping many steel producers record a strong performance in the first quarter of 2021.
Vietnam’s steel industry is now ranked in the top 15 biggest worldwide
In particular, locally-invested steelmaker Hoa Phat Group surpassed Taiwan’s Hung Nghiep Formosa Ha Tinh to become Vietnam’s largest steel producer after it produced two million tonnes of crude steel in the first quarter of this year, a 60 per cent increase on-year.
Local steelmakers red hot on investment 17:33 | 28/04/2021
Vietnamâs steel industry is now ranked in the top 15 biggest worldwide, photo Le Toan
In particular, locally-invested steelmaker Hoa Phat Group surpassed Taiwanâs Hung Nghiep Formosa Ha Tinh to become Vietnamâs largest steel producer after it produced two million tonnes of crude steel in the first quarter of this year, a 60 per cent increase on-year.
This success has shown the growth of domestic steel enterprises, breaking the monopoly created in 2018 when Formosa Ha Tinh became the leading crude steel producer with estimated output of over five million tonnes of crude steel, double Hoa Phatâs crude steel production, and reaching 3.44 million tonnes of hot rolled steel. Formosa was the only company in the domestic market that could produce hot rolled coil (HRC) at the time.