Steelmakers grew despite COVID-19!

Despite the disruptions caused by the fourth wave of the COVID-19 pandemic, steelmakers reported extraordinary profits.

Hoa Phat Group (HPG) recorded in its third quarter financial report, an annual revenue increase of 56 percent to VND 38.9 trillion (USD 1.7 billion) and a record profit of 2.7 times with VND 10.35 trillion after tax. The figures given are all recorded as higher profits than in previous years.

As of September 30, the leading steelmaker recorded revenues of over VND 105.8 trillion, up more than 60%. After-tax profit reached VND 27.1 trillion, up 200 percent from last year, exceeding 45 percent of the year plan.

In the past nine months, Hoa Phat produced 6.1 million tons of crude steel, up 50% from the same period last year. Steel product sales reached 6.3 million tons, up 43% in this period. Its construction steel sales rose 12% to 2.8 million tons, while its hot rolled coil (HRC) sales reached nearly 2 million tons.