The leading steel manufacturer Hoa Phat Group sold nearly 457,000 tonnes of steel in April, of which the volume of hot-rolled coil product reached 239,000 tonnes, the highest since the beginning of the year.

Also in the month, the group produced 525,000 tonnes of raw steel, up 19 per cent month-on-month and down 29 per cent year-on-year. The figure was 1.8 million between January and April, an annual decrease of 39 per cent.

In the four-month period, Hoa Phat’s steel sales exceeded 1.8 million tonnes, dropping by 34 per cent against last year. Of the total sales, there were over one million tonnes of construction steel and 721,000 tonnes of hot-rolled coil, both down 34 per cent and 29 per cent year-on-year, respectively.

The group recorded its first-quarter revenue at more than VND26.86 trillion (US$1.14 billion), a decrease of 39 per cent from 2022, with consolidated profit after tax hitting VND383 billion.

As the market is forecast to remain difficult in the second quarter, the company has planned to focus its resources for the investment in the second Hoa Phat Dung Quat 2 iron and steel production complex project and the restoration of steel production volume in Hai Duong and Quang Ngai. — VNS