Steelmakers report biggest-ever losses

The nation’s biggest steelmaker, Hoa Phat, incurred negative after-tax return of VND1.79 trillion ($72 million), the first loss it has reported in 13 years. This is also the third consecutive quarter that its revenues have dropped, down 12% over the same period last year and down nearly 8% against the previous quarter.

Nam Kim reported Q3 losses of over VND400 billion, a record high, with revenues down nearly 1.7 times over the same period last year.

Steelmaker Hoa Sen racked up losses of VND887 billion in the last quarter of the 2021-2022 fiscal year, compared with a profit of more than VND940 billion in the same period last fiscal year. It was reporting a loss for the first time since the fourth quarter of the 2017-2018 fiscal year.

Companies under the Vietnam Steel Corporation (VnSteel) also posted record losses or miniscule profits in the third quarter.

Thu Duc Steel saw its the biggest-ever Q3 loss of VND22 billion, nearly 37% higher than the same period last year; and Vicasa Steel reported its biggest loss since the third quarter of 2020.

Thai Nguyen Steel and Ho Chi Minh City Metal incurred respective losses of VND25 billion and VND12 billion. Meanwhile, two other VnSteel affiliates, Melin Steel and Cao Bang Steel, gained very small profits, down 95% and 99%, respectively, against the third quarter of last year.