Vietnam-based steel producer Hoa Phat Group has announced that it has increased its efforts in construction works at its Hoa Phat Dung Quat 2 plant and that it plans to complete the construction of the first HRC line, which is designed and supplied by UK-based plantmaker Primetals Technologies, at the same plant within the current year.
Entailing an investment of VND 85 trillion ($3.3 billion), the plant will have a production capacity of 5.6 million mt per year, with a 2,500 cubic meter blast furnace. The company will also make investments to reduce carbon emissions and energy consumption within the scope of the current environmental standards. The first phase of the project will be commissioned in the early first quarter of 2025, while the second phase will be completed and become operational in the last quarter of the same year.
The Hoa Phat Dung Quat 2 plant will produce high-quality HRC, catering to the needs of many sectors including automotive, household appliances and containers. Hoa Phat expects to be among the top 30 largest steel enterprises in the world, following the completion of its new plant.
This month, the company produced its 10 millionth mt of hot rolled coil since first production in May 2020, as SteelOrbis reported previously.