Cumulative loss over 3 trillion, negative equity, ‘former king’ of the steel industry plans restructuring

The Board of Directors of Pomina Steel Corporation (POM) approved a draft proposal for an extraordinary shareholders’ meeting to be held in December 2025 to discuss restructuring plans due to financial struggles. In Q3 2025, Pomina reported a revenue of 203 billion VND, down 58%, and a net loss of 183 billion VND, marking the company’s 14th consecutive quarter of losses. Cumulative losses reached 3.051 trillion VND, with negative equity of 187 billion VND, primarily attributed to the shutdown of Pomina 3 and high interest costs. POM shares are currently restricted from trading due to delayed financial reporting. Pomina aims to resolve financial issues and finalize audited financial statements for 2023-2025, planning to hold the annual shareholders’ meeting by Q2 2026.