Hoa Phat's Steel Surge: November Triumph"

Hoa Phat
Hoa PhatImage Source: Hoa Phat

Synopsis:

In November 2023, Hoa Phat Group's steel production hit 623,000 tons, with a robust 12% increase in sales, reaching 709,000 tons. The surge was driven by heightened demand in the domestic construction steel market, particularly in the southern region, witnessing a remarkable 47% spike. Notably, Hoa Phat's high-quality steel and construction steel sales experienced a substantial 21% YoY increase, totaling 410,000 tons. Despite a 14% YoY decrease in yearly crude steel production, Hoa Phat remains a steel giant in Southeast Asia, exporting to over 30 countries.

Article:

In a resounding success, Hoa Phat Group achieved a remarkable feat in November 2023, maintaining its steel production at 623,000 metric tons, consistent with the previous month. However, the real triumph unfolded in sales, with a robust 12% surge, reaching an impressive 709,000 metric tons. This surge in demand was primarily fueled by a booming domestic construction steel market, triggered by the onset of the building season and strategic measures to bolster the disbursement of public investment capital.

The southern region emerged as a hotspot for growth, recording an astonishing 47% increase compared to the previous month. Hoa Phat's contribution to the construction steel and high-quality steel sectors alone saw a significant 21% year-on-year upswing, resulting in a total of 410,000 metric tons.

Hoa Phat's hot-rolled coil (HRC) steel maintained its momentum, aligning with the previous month at nearly 270,000 metric tons. Particularly noteworthy was the positive trajectory of HRC steel sales in the northern region, showcasing a commendable 55% increase compared to October.

In addition to these achievements, the group also supplied 37,000 metric tons of galvanized steel sheets and 73,000 metric tons of steel pipes, both domestically and internationally. These downstream products experienced substantial growth, with galvanized steel sheets and steel pipes witnessing a 44% and 34% increase, respectively, compared to the previous month.

Despite a 14% year-on-year decrease in yearly crude steel production, Hoa Phat Group remains a formidable player in the steel industry. Sales volume for the first 11 months of the year reached 5.96 million metric tons, indicating a 10% dip compared to the same period last year. Notably, construction steel and high-quality steel contributed 3.3 million metric tons, marking a 15% decrease. Exports for these steel types saw a 37% drop, totaling 695,000 metric tons.

Hoa Phat Group, Southeast Asia's largest steel manufacturer, operates with a crude steel capacity of 8.5 million metric tons annually. With diversified products meeting stringent global standards, the group exports steel to 30 countries across five continents. Currently undertaking the Hoa Phat Dung Quat 2 Steel Integrated Complex project, the group aims to boost its annual crude steel production capacity to over 14 million metric tons by early 2025, aligning itself among the top 30 largest steel enterprises globally.

Conclusion:

Hoa Phat's robust performance in November showcases the resilience and strategic prowess of the company in a dynamic steel market. Despite global challenges, the group's focus on quality and diversified product offerings positions it as a stalwart in the industry. With ambitious expansion plans underway, Hoa Phat Group is poised to play a pivotal role in the global steel landscape.

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