The Vietnamese steelmaker Hoa Phat has exported about 12,000 tons of cold galvanized steel to the Americas this month.

Vietnamese steelmaker exports second batch of galvanized steel to Americas. Photo: Hoa Phat

In January, the company also shipped about 10,000 tons of the products to its partners in Belgium and Spain. 

The domestic and international market demand for hot-rolled coil (HRC) products is  increasing exponentially, putting pressure on global prices and supplies. 

The steel sheet manufacturer can self-supply materials thanks to the HRC items produced at the Hoa Phat Dung Quat Iron and Steel Complex in the central province of Quang Ngai. 

The Viet Dragon Securities Corporation believed that the complex will lead the company’s growth in the 2020-2021 period. It is considered as the advantage of the steelmaker to meet the criteria of product origin requirements of major import markets like the America and EU, as well as increase its market shares worldwide.

The company strives to produce 300,000-400,000 tons of products annually as of this year. It started exporting products last August, focusing on markets are EU, the US and Australia. 

In 2020, Hoa Phat achieved more than VND91.2 trillion (US$3.96 billion) in revenue, up 41% compared to 2019. Its after-tax profit was VND13.5 trillion (US$586 million), higher than the VND7.5 trillion (US$325.5 million) one in 2019.