HPG – Contributions from Dung Quat 02 gradually emerge
• In Q2 2025, HPG reported revenue of VND 35.9 trillion (+34% YoY, +28% QoQ). Consumption volume of construction steel continued to improve, driven by demand from public investment projects and real estate developments, particularly in northern Vietnam. Notably, HRC consumption volume recorded significant growth following the operational launch of the Dung Quất 02 (DQ02) plant in March, operating at approximately 70% capacity in phase 1, with strong uptake from domestic flat steel manufacturers.• In 2H2025, we expect the domestic market to maintain its recovery momentum, supporting the company’s sales volume. This will be driven by intensified construction activities, bolstered by the real estate market and public investment projects, alongside peak construction demand in Q4. Additionally, the official imposition of anti-dumping duties on hot-rolled steel imports from China (ranging from 23.1% to 27.8%, effective for five years) will alleviate pressure from imported steel and enable HPG to gradually capture a greater domestic market share.
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