From “Why not do it”, Mr. Lê Phước Vũ now talks about the $10 billion Ca Na Steel Complex: Luckily didn’t do it, “the steel industry is at best stagnant”

At the 2025 General Meeting of Shareholders, Hoa Sen Group (HSG) announced expected profits of only 400-500 billion VND, a decline compared to last year. Chairman Lê Phước Vũ stated that the steel industry is facing difficulties, mainly due to global trade protectionism and weak domestic demand. With 60% of production for export, HSG is under significant pressure from tariffs and lawsuits in the US and Europe. Vũ admits that the steel industry is currently at best stagnating and asserts that the domestic production capacity is three times the demand. He previously mentioned investing in the $10 billion Ca Na Steel Complex, but now sees that not going forward with it is a blessing since it would have created difficulties. Recently, he emphasized that HSG’s stock is close to its book value, and the company will buy back treasury shares to protect shareholder interests.