In the third quarter of 2024, Hoa Phat Group produced 1.1 million tons of construction steel, representing a 14% drop from the previous quarter's output of 1.27 million tons. Despite this decline, the company retained a 38% share of the domestic construction steel market. Meanwhile, the production of hot-rolled flat products remained stable at around 738,000 tons on a m-o-m basis.
Hoa Phat attributed the reduction in production and steel prices to weakened domestic demand in Vietnam during the quarter. The sluggish market conditions impacted overall output across the industry.
However, market participants remain optimistic about Hoa Phat’s future, given its continued focus on the Dung Quat 2 project. This initiative and the company’s efforts to expand capacity are expected to strengthen its position and competitiveness in the steel market.
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