The Billionaire’s Iron Fist: Tran Dinh Long’s $3.6 Billion Steel Punch

The leaders of Hoa Phat (stock code: HPG), including Chairman of the Board of Directors Tran Dinh Long and Vice Chairman Nguyen Manh Tuan, recently inspected and urged the progress of the Hoa Phat Dung Quat 2 Steel Complex Project.

Reporting on the progress to the leaders of the Group, Mr. Mai Van Ha, Director of Hoa Phat Dung Quat Steel, said that the Dung Quat 2 Project has currently completed 80% of the progress for Phase 1 and 50% for Phase 2. It is expected that Phase 1 will complete the installation of equipment for the hot-rolled steel coil production line in mid-September 2024, after which the company will proceed with cold testing and equipment calibration. According to the current progress, Phase 1 is expected to have the first hot test production at the end of 2024.

Inspecting the items at the Hoa Phat Dung Quat 2 Project, billionaire Tran Dinh Long recognized the efforts of the company’s management and contractors. The Chairman of Hoa Phat emphasized that the project is a concretization of the strategy to focus on the production of high-quality hot-rolled steel, serving mechanical manufacturing, bringing Hoa Phat to a new stage of development.

With such an important nature, Mr. Tran Dinh Long requested the company to concentrate its maximum human and material resources, together with contractors and suppliers, to put the project into operation according to the set schedule and quality.

The Hoa Phat Dung Quat 2 Steel Complex has a scale of 280 hectares, a total investment of VND 85,000 billion, and a design capacity of 5.6 million tons of high-quality hot-rolled steel coils (HRC) per year. According to the plan, Phase 1 of the project will be operational in Q1/2025, and Phase 2 will be completed and operational in Q4/2025. To ensure the project is implemented according to the set plan, hundreds of contractors are working day and night on the construction site, both constructing and installing equipment.

According to the design, the volume of the blast furnace of the Dung Quat 2 Project is 2,500m3, twice the volume of the Dung Quat 1 furnace, which helps to reduce energy consumption. The project was initiated in Q1/2022. It is expected that when completed in Q1/2025, Hoa Phat’s crude steel production capacity will reach over 14.5 million tons per year, including 8.6 million tons of HRC.

With a modern HRC hot-rolled steel coil production line designed and manufactured by Primetal Group, Hoa Phat Dung Quat 2 will focus on developing high-quality HRC products, serving automotive steel, low-carbon steel for products such as canned food, household appliances, steel structures, and high-strength, weather-resistant steel for container production.