The former king of the steel industry is facing difficulties.

Having once held nearly 30% of the construction steel market share, Pomina Steel now faces the risk of losing its public company status and delisting from the stock exchange as the company attempts to restructure.

Pomina was once an "icon" of the construction steel industry. Photo: POM .

Pomina Steel Joint Stock Company (UPCoM: POM) has just announced that it no longer meets the requirements of a public company.

Risk of losing public company status.

Specifically, according to the audited separate financial statements for 2025, Pomina's equity as of December 31, 2025 was negative 590 billion VND . Meanwhile, the audited consolidated financial statements recorded negative equity of 631 billion VND .

According to regulations, a public company must simultaneously meet the following conditions: contributed charter capital of VND 30 billion or more, equity of VND 30 billion or more, and at least 10% of the voting shares held by at least 100 investors who are not major shareholders.

Due to no longer meeting the equity capital requirements, Pomina is subject to review for delisting as a public company, as stipulated in Article 8 of Circular No. 19/2025/TT-BTC. If its public company status is revoked, the company will also be delisted from the stock exchange.

Pomina stated that it is actively implementing various solutions to restructure its production and business operations, address outstanding financial issues, and improve its equity capital in order to meet the requirements of a public company again.

Once among the leading companies in Vietnam's construction steel market, Pomina owns a system of three steel smelting and rolling mills with a total capacity of approximately 1.1 million tons of finished steel and 1.5 million tons of billets per year. At one point, the company held nearly 30% of the domestic construction steel market share.

However, from its position as a "giant" in the steel industry, Pomina is going through the most difficult period in its operating history.

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After years of strong growth, the company began to decline from 2022 when the steel market entered a deep downturn. In 2022, Pomina recorded a loss of over 1 trillion VND - the largest loss since its establishment. This situation continued into 2023 and 2024, with the company consistently reporting losses of approximately one trillion VND each year.

According to the management, one of the main causes of the current crisis is the large investment in the blast furnace project during 2019-2020. The project used technology and experts from China, but the outbreak of Covid-19 prevented these experts from entering Vietnam. The implementation process was therefore stalled throughout 2020-2021, while the costs of machinery, equipment, interest, and labor continuously increased, putting heavy pressure on the company's finances.

The journey to find our way back

In the documents prepared for the 2026 annual general meeting, scheduled for June 30th, Mr. Do Tien Si, General Director of Pomina, acknowledged that the company has been going through an extremely difficult period since 2023.

Nevertheless, the management still places high hopes on the restructuring process and the recovery of production activities. According to the plan presented to shareholders, Pomina aims for revenue of approximately VND 8,511 billion in 2026 and an increase to over VND 13,194 billion in 2027. EBITDA is expected to reach nearly VND 474 billion this year and increase to over VND 941 billion next year.

POMINA STEEL STRUGGLES TO ESCAPE THE HOLE
Pomina's annual business results; Source: Company financial statements.
Label		2020	2021	2022	2023	2024	2025
Net profit after tax	billion dong	16	183	-1080	-1395	-1011	-836

In terms of production, the company plans to produce over 666,000 tons of steel billets and nearly 644,000 tons of construction steel in 2026. By 2027, construction steel production is expected to approach 1 million tons.

The Pomina Board of Directors announced that in the fourth quarter of 2025, the company completed the final phase of its cooperation agreement with VinMetal Company - a subsidiary of Vingroup - and officially signed the investment contract. Based on this, Pomina has gradually resumed production activities from the beginning of 2026, while continuing to implement financial restructuring measures to improve its prolonged negative working capital situation.

Previously, Vingroup announced it would support Pomina through a working capital loan with a maximum term of 2 years and a 0% interest rate. In addition to financial support, the group also prioritized Pomina as a steel supplier for many businesses within its ecosystem, such as VinFast , Vinhomes, and VinSpeed.

However, actual business results still show that the recovery process faces many challenges. In the first quarter of 2026, Pomina recorded net revenue of nearly VND 466 billion , a decrease of 55% compared to the same period last year. The company reported a net loss after tax of VND 179 billion , higher than the VND 159 billion loss in the first quarter of 2025.

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As of the end of March, Pomina had accumulated losses totaling 3,662 billion VND , resulting in negative equity of nearly 801 billion VND .

Source: https://znews.vn/cuu-vuong-nganh-thep-lan-dan-post1659284.html