Steel maker Hoa Sen Group said on Monday that it would unveil a new product this month: hot dip galvanised steel pipes.

The new product will be produced at its Phu My Industrial Zone plant, which has a modern production line imported from Italy.

The line has a capacity of 85,000 tonnes per year, and the new product is appropriate for coastal areas, which are hot and humid, the company said.

The total output would be consumed domestically, it said.

Hot dip galvanised steel pipes are highly corrosion resistant and their uses include in firefighting systems, gas pipes, and others.

In the 2016-17 fiscal year it sold nearly 1.56 million tonnes of steel, an increase of 25 per cent from the previous year, Hoa Sen reported.

Net revenues for the year were over VND26 trillion (US$1.1 billion), a 46 per cent increase.

Despite the high prices of raw materials, HSG posted a profit of VND1.33 trillion ($57 million), or 81 per cent of the target.

This year it targets sales of 1.8 million tonnes and net profit of VND1.35 trillion ($59 million) on revenues of VND30 trillion ($1.3 billion).

Hoa Sen is an industry leader and has over 370 outlets across the nation.

It exports its products to over 75 countries. — VNS