Hoa Phat exports first steel batch to Mexico

Hoa Phat Group, Vietnam’s largest steelmaker, has signed a contract to export 8,000 tonnes of rebar steel to Mexico, its first shipment to North America.

Delivery time is August 2022, and the export products would come from the Hoa Phat Hai Duong Iron and Steel Production Complex in the northern province of Hai Duong.

In the first half, Hoa Phat exported 750,000 tons of steel of all types, double the volume in the same period last year.

It sold nearly 4 million tonnes of construction steel, billets and hot-rolled coils (HRC) in the period, up 6% year-on-year.

The steelmaker has exported its products to 25 nations and territories, including the U.S., Canada, Japan, South Korea, Singapore, Hong Kong, and Malaysia.

Hoa Phat's crude steel capacity is 8.5 million tons per year, of which 5.5 million is billets and construction steel, and three million is HRC.

Accelerated public investments, especially in major transport infrastructure projects like the North-South Expressway, pushed up demand for construction materials compared to last year, the group said in a release.

Hoa Phat, listed on the Ho Chi Minh Stock Exchange as HPG, has created jobs for nearly 30,000 labourers in Vietnam, Australia and Singapore.

At the closing session on July 19, the HPG shares price hit VND22,500 ($0.96) a piece.