HSG to bring new steel product to Việt Nam market
A production line at a Hoa Sen Group factory. The company said it plans to introduce hot dip galvanised steel pipes to the Vietnamese market this month. — VNS Photo
HCM CITY – 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 Phú Mỹ Industrial Zone plant, which has a modern production line imported from Italy.
The line has a capacity of 八 五,000 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 二0 一 六- 一 七 fiscal year it sold nearly 一. 五 六 million tonnes of steel, an increase of 二 五 per cent from the previous year, Hoa Sen reported.
Net revenues for the year were over VNĐ 二 六 trillion (US$ 一. 一 billion), a 四 六 per cent increase.
Despite the high prices of raw materials, HSG posted a profit of VNĐ 一. 三 三 trillion ($ 五 七 million), or 八 一 per cent of the target.
This year it targets sales of 一. 八 million tonnes and net profit of VNĐ 一. 三 五 trillion ($ 五 九 million) on revenues of VNĐ 三0 trillion ($ 一. 三 billion).
Hoa Sen is an industry leader and has over 三 七0 outlets across the nation.
It exports its products to over 七 五 countries. --VNS
