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Steel sector sees gloomy performance in 11 months

Steel sector sees gloomy performance in 11 months

The local steel market continued to be gloomy, with reductions seen in both production and consumption in the past 11 months, a report published by the Vietnam Steel Association (VSA) this week revealed.
Hoa Phat profit plunges 60 pct

Hoa Phat profit plunges 60 pct

Steel giant Hoa Phat Group saw its post-tax profit plunging nearly 60 percent year-on-year to VND4 trillion ($171.27 million) in the second quarter due to declining prices amid falling demand.
July 26, 2022 | 05:13 pm PT
Hoa Sen Holdings divests from steel subsidiary

Hoa Sen Holdings divests from steel subsidiary

Hoa Sen Holdings has sold its 3.6 percent stake in subsidiary Hoa Sen Group, one of Vietnam’s largest steelmakers.
June 26, 2022 | 09:00 pm PT
Hoa Phat market cap halves in last 9 months

Hoa Phat market cap halves in last 9 months

Steel giant Hoa Phat Group has lost VND130 trillion (US$5.6 billion) from its market capitalization since last October due to a bearish market, rising costs and falling demand in China.
June 21, 2022 | 10:51 pm PT
Steel stocks belie expectations, in deep slump

Steel stocks belie expectations, in deep slump

The Vietnamese steel industry was expected to benefit from the Russia-Ukraine crisis, but stocks of companies have been plunging due to rising input costs and declining demand.
June 2, 2022 | 11:25 pm PT
Vietnam steel price drops in May

Vietnam steel price drops in May

Steel prices in Vietnam saw a downward adjustment in May after seven straight rises from the beginning of the year.
May 18, 2022 | 06:36 pm PT
Ministry seeks 'peculiar' policy to boost steel sector

Ministry seeks 'peculiar' policy to boost steel sector

Vietnam’s steel industry needs a peculiar policy to boost development as it struggles to compete with global producers, according to the Ministry of Industry and Trade.
May 11, 2022 | 04:57 pm PT
Hoa Phat posts 17 pct profit growth in Q1

Hoa Phat posts 17 pct profit growth in Q1

Steel giant Hoa Phat reported post-tax profits of VND8.2 trillion ($357.1 million), up 17 percent from the same period last year.
April 29, 2022 | 06:30 pm PT
Contractors fret as Vietnam steel prices scale new peak

Contractors fret as Vietnam steel prices scale new peak

With domestic steel prices up nearly 8 percent in 10 days, contractors are caught in a dilemma: continue work and suffer losses or suspend work and suffer fines.
March 13, 2022 | 06:12 pm PT
Steel prices rise 5 pct, nears historic peak

Steel prices rise 5 pct, nears historic peak

Steel prices in Vietnam have increased by 2-5 percent in the last two weeks on the back of global price increases and are not far away from reaching last year’s peak.
February 17, 2022 | 03:00 am PT
Steelmaker Hoa Phat reports 2.5-fold jump in profits

Steelmaker Hoa Phat reports 2.5-fold jump in profits

Vietnam’s biggest steelmaker Hoa Phat Group said post-tax profits were up 2.5 times last year to VND34.52 trillion ($1.52 billion).
January 27, 2022 | 07:27 pm PT
Steel exports surge 130 pct as global demand shoots up

Steel exports surge 130 pct as global demand shoots up

Steel exports rose by nearly 130 percent in the first 11 months of this year to US$10.8 billion, according to the Vietnam Steel Association.
December 4, 2021 | 09:00 pm PT
Steel exports surge 127 pct

Steel exports surge 127 pct

Steel exports increased by 43.4 percent year-on-year in the first eight months to 8.54 million tons, and were worth $7.1 billion, a 127 percent rise.
September 18, 2021 | 05:05 pm PT
Rising steel prices make housing costlier

Rising steel prices make housing costlier

Rising steel prices have caused housing prices to rise by 5-10 percent so far this year, industry insiders said.
August 14, 2021 | 04:49 pm PT
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