Vietnam's Hoa Phat Group reported a loss of approximately $73 million in the third quarter. The company's first loss in the last quarter of 13 years. Hoa Phat's revenue fell 12% year-on-year to VND 34,441 billion, down 8% quarter-on-quarter.
Hoa Phat announced that it plans to shut down one of its long products furnaces in the short-term due to the low steel market. Weak demand combined with rising raw material prices, currency depreciation and an upward interest rate is hampering the operations of global steelmakers on a large scale.
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