Sunday, July 23 2017

VietNamNews

Steel sector expected 10 per cent growth rate

Update: April, 26/2017 - 14:00
VnSteel planned to invest a total of VNĐ454 billion (US$20 million) while pre-tax profit of more than VNĐ200 billion. — Photo VNA/VNS Tuấn Anh
Viet Nam News

HÀ NỘI – The domestic steel sector is expected to achieve a growth rate of 10 per cent in 2017, said Nghiêm Xuân Đa, chairman of the Việt Nam Steel Corporation (VnSteel)’s Executive Board.

VnSteel has planned to invest a total of VNĐ454 billion (US$20 million) while pre-tax profit of more than VNĐ200 billion.

The board said the imposing of anti-dumping duties on steel billet and long steel would continue to support the local production of construction steel.

This year, the corporation plans to enhance updating of market information while focusing on solutions to reduce production costs. It will also pay attention to purchasing input materials, completing distribution systems and enhancing trade promotion activities to support its units.

It plans to continue restructuring according to a plan approved by the Government to use capital for its core production areas. In addition, it will give financial resources to its members which have struggled to source capital for production.

Trần Tuấn Dũng, head of the VnSteel’s Controlling Department said its business results last year saw huge growth in comparison with 2015.

Its total integrated net revenue reached VNĐ17.84 trillion, increasing 4 per cent from the previous year, while total pre-tax profit in 2016 rose by 329 per cent from 2015 to VNĐ948 billion.

VnSteel’s after tax profit was VNĐ834 billion, representing a 484 per cent year-on-year increase. The after-tax profit of the parent company was VNĐ757 billion, a 570 per cent rise from the previous year.

Its basic profit per share last year was VNĐ1,117, increasing VNĐ921 in comparison with that of 2015.

Đa said steel production and consumption of most of its units reported high growth.

Its total steel billet output was 2.07 million tonnes, increasing 25 per cent from 2015. — VNS

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