Hoa Phat to suspend blast furnace for maintenance

HCMC – Vietnamese steelmaker Hoa Phat Group (HPG) has announced plans to suspend operations at its blast furnace in the northern province of Hai Duong for maintenance, starting in September. The decision follows the reopening of Hoa Phat’s final blast furnace in Dung Quat in July, with an annual capacity of 1.4 million tons. However, analysts foresee a possible dip in production between September and November 2023 as Hoa Phat is set to temporarily shut down its blast furnace No. Despite the news, the company’s stock HPG rose by a substantial 2.21% to VND27,800 today, August 9. Trade on the bourse totaled nearly 1.1 million shares worth VND21.7 trillion, down 8% in volume and 6% in value day-on-day.