In the first quarter of 2024, Hoa Phat will supply the market with 1.85 million tons of steel.

In March 2024, Hoa Phat Group produced 741,000 tons of crude steel, up 7% over the previous month. Sales of hot-rolled coil (HRC), construction steel, high-quality steel and steel billets reached 693,000 tons, up 34% over February 2024.

Of which, Hoa Phat supplied 381,000 tons of construction steel and high-quality steel to the domestic and foreign markets, an increase of 80% compared to last February. Sales volume increased again mainly due to the domestic market entering the construction season, and the export market increased by 76% compared to the previous month.

HRC output in March reached 263,000 tons, down slightly from the previous month. In addition, Hoa Phat's downstream steel products including steel pipes and galvanized steel recorded more than 42,000 tons and 32,000 tons, equivalent to February 2024.

HRC hot rolled steel output in March decreased compared to the previous month

In the first quarter of 2024, Hoa Phat Group produced 2.1 million tons of crude steel, up 70% over the same period in 2023. Sales of construction steel, steel billets and HRC reached 1.85 million tons, up 34% over the first quarter of 2023.

In the first quarter of the year, Hoa Phat's construction steel and high-quality steel output reached 956,000 tons, up 10%. Hot-rolled steel coil output reached 805,000 tons, up 67% compared to the first 3 months of last year. Hoa Phat also supplied over 87,000 tons of steel billets to other steel rolling mills in Vietnam and for export.

Hoa Phat Steel Pipe supplied 131,000 tons to the market in the first quarter of 2024, down 18% compared to the first 3 months of 2023. Galvanized steel of all kinds reached an output of 98,000 tons, up 40% over the same period in 2023, of which the amount of exported steel in the past 3 months grew strongly, contributing more than 61,000 tons.

Hoa Phat's crude steel capacity currently reaches 8.5 million tons/year, the largest in Southeast Asia. Currently, the Group is accelerating the progress of the Hoa Phat Dung Quat 2 Iron and Steel Complex project with a scale of 5.6 million tons of high-quality HRC per year. When the project is put into operation in 2025, Hoa Phat's steel production capacity will be 14.6 million tons/year, of which HRC alone will reach 8.6 million tons per year.

By March 2024, Dung Quat 2 project has reached over 50% of all main items. Hoa Phat is focusing on synchronous implementation with hundreds of domestic and foreign contractors and partners, both constructing and installing equipment, striving to complete the first items by the end of 2024. It is expected that phase 1 of the project will be put into synchronous operation from the first quarter of 2025.

Source