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Hoa Phat Group moves to expand market share of steel products

Steel News - Published on Thu, 13 Dec 2018

Image Source: hoaphat
VNA reported that Vietnamese Hoa Phat Group expects its steel output will rise to 3.5-4 million tonnes in 2019, a YoY rise of 33%, when part of its USD 3 billion Hoa Phat Dung Quat steel complex becomes operational in the central province of Quang Ngai. Chairman of the group Tran Dinh Long said that “Group has carried out a series of measures to expand its market share, including intensifying marketing and advertisement, improving human resources, hiring more warehouses, and building a port on Dong Nai River in the southern region to receive steel transported from the central region. Export currently accounts for around 10 percent of the group’s total steel sales. It sets a target of shipping 400,000 tonnes of steel abroad next year, with the focus on Southeast Asian markets like Laos and Cambodia.”

The group’s steel sales are expected to hit 3 million tonnes this year, with more than 2.3 million tonnes being construction steel and 600,000-700,000 tonnes steel pipes. During January-November, it earned over 50 trillion VND (2.13 billion USD) in revenue and 8.1 trillion VND (345.6 million USD) in post-tax profit, exceeding the yearly target of 8.05 trillion VND in post-tax profit.

Last year, Hoa Phat exported some 200,000 tonnes of steel products.

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Posted By : Ratan Singh on Thu, 13 Dec 2018
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