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Hoa Phat Group strives to join world's top 50 steel companies
Ngoc Thuy 10:57, 2018/03/23
By the time the US$2.6-billion Hoa Phat Dung Quat iron and steel production complex is completed in 2020, Hoa Phat Group aims to become one of the world`s top 50 steel companies, said the Group`s Chairman Tran Dinh Long.
In 2017, Hoa Phat Group's revenue reached VND46.8 trillion (US$2 billion) and after-tax profit of VND8 trillion (US$351.2 million), up 38% and 21%, respectively, over the last year's period, informed Long at the Group's annual shareholder meeting in March 22.
 
Hoa Phat Group set target of joining the world's top 50 steel companies.
Hoa Phat Group set target of joining the world's top 50 steel companies.
A major part of the revenue has been the positive result from steel sales, which is the business core of the Group. Consequently, Hoa Phat Group set new record of selling 3 million tons of steels in 2017, in which construction steel for the first time reached 2 million tons, according to Long.
By the end of 2017, Hoa Phat's steel and steel pipe accounted for 24% and 26.4% of the Vietnam's market share. 
In 2018, Hoa Phat will introduce to the market its metal roofing after a successful period of pilot production in 2017. The Group set its revenue target of VND55 trillion (US$2.4 billion), with its after-tax profit of VND8 trillion (US$351.2 million) equal to the business result in 2017. 
Hoa Phat Dung Quat iron and steel production complex with total investment of VND52 trillion (US$2.6 billion) will be the focus of the Group this year. Long stressed the Group will mobilize the necessary resources and personnel for this project. 
On the production line of 400,000 tons of metal roofing, Hoa Phat Group set its revenue in the first year at VND3 trillion (US$131.7 million), which is expected to rise up to VND9 trillion (US$395.1 million) in the next year. 
Out of the 1 million tons of steel output from the Hoa Phat Dung Quat iron and steel production complex, according to Long, 30% of the output will be exported, while the remaining volume is set for domestic market.
In the first quarter of 2018, Hoa Phat's revenue is reported at VND12 trillion (US$526.8 million), and after-tax profit of VND2 trillion (US$87.8 million). 
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