Hoa Phat to start work on new steel production project next year
A steel billet casting machine at the Hoa Phat Dung Quat Iron and Steel Production Complex. Local steelmaker Hoa Phat Group will begin the construction of the Hoa Phat Dung Quat 2 project in early 2022 – PHOTO: COURTESY OF HOA PHAT GROUP
HCMC – Local steelmaker Hoa Phat Group has announced that it will begin the construction of the Hoa Phat Dung Quat 2 project in early 2022, focusing on the production of hot-rolled coil (HRC) steel, with an annual output of five million tons.
HRC steel is used for manufacturing steel tubes, galvanized steel sheets, cars and household appliances. The local market needs some 12 million tons of HRC steel per year and Vietnam has to import some 60% of this amount.
Recently, the steelmaker’s HRC steel production at its Hoa Phat Dung Quat Iron and Steel Production Complex reached one million ton, marking a milestone in the development of Hoa Phat Dung Quat Steel JSC.
Last year, Hoa Phat manufactured nearly 700,000 tons of HRC steel. In 2021, the steelmaker is set to produce 2.7 million tons of HRC steel, over five million tons of construction steel and steel billets. The Hoa Phat Dung Quat Iron and Steel Production Complex will be in charge of producing the entire amount of HRC steel and half of the volume of construction steel and steel billets.
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