Posted on 21 Apr 2021
Nam Kim Steel in Vietnam says it produced 244,301 tonnes of finished steel in the first quarter, and posted record exports of 151,992t, mainly to European countries and the USA, Kallanish notes.
In March, the firm produced 101,766t of steel products, including 44,320t of galvanised steel, 23,635t of cold rolled steel, 22,780t of pipe and 11,031t of coated steel. Monthly exports came to 62,422t, equivalent to about 60% of total sales in a single month.
The company has set optimistic targets for 2021, like many others in the steel industry. This is supported by an expected 8% increase in steel consumption thanks to active infrastructure investment, and recoveries in real estate and the manufacturing and processing industry.
Nam Kim Steel expects its annual revenue and profit to reach VND 16 trillion ($693.5 million) and VND 600 billion respectively, up 38% and 200% year-on-year. Though the company’s revenue fell slightly in 2020, its net profit after tax was six times over 2019 at VND 295.3 billion.
The firm is in the process of securing 100% of Dae Myung Paper Vietnam Co, a company that produces pulp and paper, from Dae Myung Chemical. Nam Kim says it aims to use the latter’s land for storage and new pipemaking facilities.
Source:Kallanish
