Vietnam Hefa lost money in the third quarter


Vietnam Hefa Group (Hoa Phat) lost about $73 million in the third quarter, which was the first time in 13 years that the company lost money in the last few quarters. The revenue in the third quarter was 34441 billion Vietnamese dong (about 1.385 billion US dollars), down 12% year on year and 8% month on month. Due to the downturn in the steel market, Hefa plans to close a furnace for long steel production in the short term. Weak demand, rising raw material prices, currency devaluation and rising interest rates have caused a huge deficit in the operation of global steel mills.