Hoa Phat group posts robust growth in steel production

Hoa Phat Group manufactured some 209,000 tonnes of steel in July, up nearly 50 percent from the same period last year, retaining top spot in terms of domestic steel market share.

Hoa Phat Group manufactured some 209,000 tonnes of steel in July, up 24.7 percent from last month.
 (Photo: VNA)

Hanoi (VNA) – Hoa Phat Group, a leading Vietnamese industrialproduction firm, manufactured some 209,000 tonnes of steel in July, up 24.7percent from last month and nearly 50 percent from the same period last year,retaining top spot in terms of domestic steel market share.

The group sold 33,000 tonnes of wire rod in the month, surging 54 percent fromJune, while some 21,800 tonnes of steel were shipped abroad, increasing totalsteel exports to 111,800 tonnes in the first seven months of the year.

From the outset of this year, the group produced more than 1.24 million tonnes,a year-on-year increase of 32.3 percent. The company attributed the growth tothriving civil construction.

According to the Vietnam Steel Association, domestic steel production plantscan meet domestic demand for steel products for construction.

Steel production in Vietnam expanded 12.8 percent year-on-year to nearly 11.3million tonnes in the seven-month period ending in July, the associationsaid.-VNA

VNA