Hoa Phat earmarks 3.67 bln USD for Hoa Phat Dung Quat 2 iron, steel project
Vietnamese steel producer Hoa Phat Group will invest around 85 trillion VND (over 3.67 billion USD) in the construction of its Hoa Phat Dung Quat 2 iron and steel factory project, heard at the company’s annual shareholders’ meeting on April 22.
Hoa Phat Group's annual shareholders' meeting on April 22. (Photo: Hoaphat.com.vn)
Hanoi (VNA) – Vietnamese steel producer HoaPhat Group will invest around 85 trillion VND (over 3.67 billion USD) in theconstruction of its Hoa Phat Dung Quat 2 iron and steel factory project, heardat the company’s annual shareholders’ meeting on April 22.
The project is expected to be built in three years and becomeoperational in 2024.
It will cover an area of more than 283.7 hectares in thecommunes of Binh Dong and Binh Thuan, Binh Son district, the south-centralprovince of Quang Ngai. It has a designed annual capacity of 5.6 milliontonnes, including 4.6 million tonnes of hot-rolled coil (HRC) and 1 milliontonnes of steel bars and steel wire.
Currently, the domestic market demand for HRC – thematerial for production of many products such as steel pipes, galvanised steelsheets, automobile spare parts, and household appliances, is about 12 milliontonnes per year, 60 percent of which is imported.
Last year, Hoa Phat supplied nearly 700,000 tonnes ofHRC. In 2021, the firm expects 2.7 million in HRC output, along with more than5 million tonnes of steel billets and construction steel.
Hoa Phat currently earns from 120 trillion – 140 trillionVND per year in revenue. With Hoa Phat Dung Quat 2 put into use, the annualrevenue is likely to exceed 200 trillion VND, according to Chairman Tran DinhLong.
Long said the corporation gained 31 trillion VND inrevenue and 7 trillion VND in after-tax profit in the first quarter of 2021.The performance will be even better in the second quarter of the year, he said.
This year, Hoa Phat sets to generate 120 trillion VND inconsolidated revenue and 18 trillion VND in post-tax profit, up 33.15 percentand 33.27 percent, respectively, against the previous year./.
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Hoa Phat Group's annual shareholders' meeting on April 22. (Photo: Hoaphat.com.vn)
