Steel companies report decline in Q1 profits

Steel companies report decline in Q1 profits.

The cost of raw materials and transportation fees have skyrocketed, causing the first-quarter profits of most steel companies to decline.

Data from the Việt Nam Steel Association (VSA) showed that in the first quarter of this year, finished steel consumption reached 8.137 million tonnes, up 11.9 percent over the same period in 2021.

Of the estimate, steel exports reached about 2.275 million tonnes, with export value reaching US$2.3 billion, decreasing by 22.15 percent in volume but up by 12.53 percent in value over the same period last year. However, the business performance of many enterprises in the industry did not move in the same direction.

The first-quarter business results report of Việt Nam Steel Corporation (TVN) showed a sharp decline in profit at member units, especially in the construction steel and galvanized steel segments.

Refer to:
Vietnam news