Hoa Phat Group’s sales plummeted by 42% year-on-year in October to 492,000 tons as domestic and global steel demand continued to fall.
According to monthly data from Vietnam’s largest steel company, this is its lowest sales volume since February 2021.
Construction steel sales fell by 45% year-on-year to 210,000 tons.
Hot-rolled coil steel sales however rose 30% to 267,000 tons as the company was able to export large volumes to Indonesia and Malaysia.
Several media reports have said the company is set to shut down four blast furnaces starting this month as market demand remains sluggish.
HPG shares have fallen by nearly 30% this year to around VND13,800.
Analysts at SSI Securities said in a recent note that weakening steel demand would remain a challenge for the company.