The Hòa Phát Dung Quất steel company has announced the reception of its first tugboat, built by Damen Group from the Netherlands, to serve the firm’s port system.
Hoa Phat Group (HPG) ranked 15th in the world’s top 30 largest steel companies on Wednesday, with a market capitalization of US$11 billion, according to British data firm Refinitiv Eikon (formerly Thomson Reuters Data).
The investigation was initiated after requests by domestic producers including Phu My Flat Steel Co Ltd (VNSTEEL), POSCO Vietnam Co Ltd and China Steel Sumikin Viet Nam JSC.
Japanese Kyoei Steel Company has announced its registration to purchase 33.2 million additional shares or 45 per cent stake of Viet Nam-Italy Steel JSC (VIS).
The Planning and Investment Ministry recently sent a document to the Government Office, saying that it disagreed with a proposal to set up the Vung Ang special steel economic region.
The consumption of building materials in the domestic market at present
is just 30 to 50 per cent of production, although peak time for
construction is approaching.
Viet Nam-Italy Steel Company (VIS) posted a loss of VND36 billion
(US$1.7 million) in the third quarter and an accumulated loss of over
VND10 billion ($471,690) in the first nine months of this year.
Vietnamese steel makers continue to face difficulties in production and
business because of fierce competition with Chinese steel products and
over supply.