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Hoa Phat targets independence

A project to build an ingot iron plant with first-phase capital of VND 3,000 billion in Hai Duong province is being realised by Hoa Phat group, said the group’s General Director Tran Tuan Vuong.

The plant with a capacity of 700,000 tonnes per year is expected to be brought into operation at the end of 2008, and this will allow the group to be completely independent from foreign ingot iron sources.

At this point, Hoa Phat is able to supply 80% of the total ingot iron needed for its subsidiary plants to produce various kinds of steel.

Also, according to the group’s officials, Hoa Phat is carrying out 2 projects to explore and exploit two iron ore mines in Laos with an exploitation capacity of 80 million tonnes per year.

With its activeness in finding iron ingot sources, its input costs can therefore be brought down by 20% in comparison with that of imported ingot. This also increases the competitiveness of steel products made by Hoa Phat. (Source: Nguoi Lao Dong)