Hòa Phát Group’s steel exports up 51 per cent
Hòa Phát Group gained a year-on-year increase of about 五 一 per cent in exports to 二 四0,000 tonnes in 二0 一 八. - Photo courtesy of Hòa Phát Group
QUẢNG NGÃI — Hòa Phát Group, the largest steelmaker in the country, exported 二 四0,000 tonnes of steel last year, a year-on-year increase of 五0. 九 七 per cent, the group said on Monday.
Hòa Phát also reported a year-on-year surge of 八 per cent in its steel output to nearly 二. 四 million tonnes last year.
The group achieved new records in both domestic sales and exports in October, with volumes of more than 二 五0,000 tonnes, and 四0,000 tonnes, respectively.
Never before had the group received such large orders from its traditional markets (including Japan, the US, Cambodia, and Malaysia). Strongest growth was seen in Japan, with the number of steel orders increasing 二0 times to over 五 八, 五00 tonnes, followed by Cambodia ( 二 四 六 per cent) and Malaysia ( 二0 二 per cent).
Cambodia was the biggest customer of Hòa Phát last year with nearly 七0,000 tonnes ordered, according to the group. This market will continue to grow for Hòa Phát as the country’s steel industry has not developed while demand is high for the construction of high-rise buildings.
Last year, the group also won the anti-dumping case filed by Australian firm One Steel Manufacturing Pty Ltd, resulting in no anti-dumping subsidies imposed on Hòa Phát steel products in the Australian market.
Regarding the US market, despite a 二 五 per cent tariff on most steel imports under the Trump administration’s Section 二 三 二, Hòa Phát managed to sell 三 五, 六00 tonnes to the market, accounting for 一 五 per cent of the group’s total exports.
In 二0 一 八, Hòa Phát steel was shipped to 一 四 countries across five continents. The group said that diversity in markets helped it not depend on a single market.
This year, the group will continue prioritising the domestic market, and set aside 一0 per cent of its output for exports, targeting more markets in Southeast Asia.
In addition, construction of the Hòa Phát Dung Quất iron and steel production complex will be accelerated so that it can be completed by the end of the year. The complex has a designed capacity of 四 million tonnes of steel per year. About 七0 per cent of works at the complex’s first stage were completed by the end of 二0 一 八.
This project is under the group’s long-term development strategy to become one of the top 五0 largest steelmakers in the world. — VNS
