Hanoi (VNA) – Vietnamese steel giant Hoa Phat Group reported that weakening demand has led to sluggish sales of its productssince early this year.
Specifically, the companyproduced 416,000 tonnes of crude steel in February, or 60% of that recorded insame period last year. The consumption ofconstruction steel, hot-rolled coils, and steel billets reached 475,000 tonnes, only 70% of that in F🉐ebruary 2022. In contrast, the output of hot-rolledcoil more than doubled month-on-month.
Alsoin February, only 282,000 tonnes of construction steel and 54,000 steel pipeswere sold, down 37% and 31% annually, respectively. Inthe first two months of this year, its crude steel production reached 809,000tonnes, down 42% year-on-year. Consumption of construction steel, hot-rolledcoils and steel billets dropped by 34% to 877,000 tonnes. Thegroup also supplied 107,000 tonnes of steel pipes and 48,000 tonnes of galvanisedsteel sheets, reaching 83% and 68% of the volumes in the same period last year, respectively. Each year, Hoa Phat's annual crude steel production capacity usually reaches 8.5 million tonnes, thelargest in Southeast Asia. In the future, the group will continue closelymonitoring the market situation at home and abroad to adjust production and ensurejobs for workers./.
In the early days of this year, Hoa Phat Group secured many orders to export its steel products to the US, Canada, Mexico, Puerto Rico, Australia, Malaysia, Hong Kong (China), and Cambodia.
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Illustrative image (Photo: Internet) 
