Hanoi (VNA) - Leading steel manufacturer Hoa Phat Group sold a totalof 439,000 tonnes of steel in February, a decline of 25 percent compared toJanuary.
The group attributed the fall to the Lunar New Year (Tet) holiday, which lastedseven days, and the recent COVID-19 outbreak in various localities.
It recorded a slight increase in the sale of construction steel during themonth, topping 189,000 tonnes. The supply of hot-rolled coil (HRC) and steel billetsto the market were down 30 percent and 47 percent, respectively, to 175,000tonnes and 75,000 tonnes.
Regarding exports, the group met orders from major markets such as the US,Japan, China, and Indonesia.
It sold 1 million tonnes of steel in January and February, including 376,000tonnes of construction steel, 214,000 tonnes of steel billets, and 428,000tonnes of HRC.
Hoa Phat fired up its fourth blast furnace at the Hoa Phat Dung Quat iron andsteel production complex in January, helping increase its output to 627,000tonnes in February. Notably, it set a target of producing 5 milliontonnes of construction steel and steel billets and 2.7 million tonnes of HRC in 2021./.
The Hoa Phat Group, Vietnam’s leading steel producer, produced more than 670,000 tonnes of crude steel in January, its highest output to date and representing an annual growth of 67 percent.
Steel maker Hoa Phat Group is recruiting experienced personnel for a cargo container manufacturing project expected to start production in the second quarter of next year, according to the company.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Photo: VNA) 
