Producing steel at the Luu Xa steel laminating factory of the Thai Nguyen Iron and Steel Joint Stock Corporation (Photo: VNA)
Hanoi (VNA) – Many subsidiaries of the Vietnam SteelCorporation (VNSTEEL) have recorded profits despite various difficulties in thefirst half of 2017.
The information was released at a meeting toreview the firm’s business performance in the first six months on 2017 in Hanoion July 6.
Deputy General Director of VNSTEEL Nguyen TrongKhoi said three companies posted pre-tax profits equal or higher than the sameperiod last year, including Thu Duc Steel Joint Stock Company (nearly 30billion VND, or 1.3 million USD), the Ho Chi Minh City Metal Joint StockCompany (more than 35 billion VND, or 1.5 million USD) and the Foreign TradeForwarding and Transportation Joint Stock Company Vinatrans (over 17 billionVND, or 747,800 USD).
Profits were also recorded in many otheraffiliates but lower than in 2016, such as the Southern Steel Company (over85.5 billion VND or 3.8 million USD) and the Phu My Flat Steel Company (over 11billion VND or 483,900 USD), whose profits respectively represented 44.6percent and 23.9 percent of last year’s six-month earnings.
Khoi said since the beginning of 2017, VNSTEELhas enhanced connectivity among its subsidiaries in the production and sale ofsteel products.
However, he also admitted shortcomings inoperations and lingering problems in land and property management.
He noted in the next six months, the corporationwill continue boosting its affiliates’ coordination, update information aboutthe domestic and foreign steel markets and make long-term forecasts of themarket to support project implementation and market expansion.-VNA
The steel industry is expected to maintain its recent double-digit growth this year, helped by the recovery of the property market, but it will also face the pressure of trade defense instruments in import markets and competition from cheap steel.
The Vietnam Steel Corporation (VnSteel) expects to disburse 454 billion VND (20 million USD) in investment and earn 200 billion VND (8.8 million USD) in pre-tax profits in 2017.
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Producing steel at the Luu Xa steel laminating factory of the Thai Nguyen Iron and Steel Joint Stock Corporation (Photo: VNA) 
