SMC, a leading steel trading company in Vietnam, has been placed under warning due to the late submission of its 2024 audited financial report and losses in the last two consecutive years (2022 and 2023). The company acknowledged significant challenges in the steel market, with declining prices and demand, reporting a loss of 269 billion VND in 2024, bringing total accumulated losses to 438 billion VND. SMC has implemented various measures to improve its situation, including asset liquidation and managing bad debts, but continues to face difficulties due to instability in real estate. Currently, the company is finalizing its financial report and has requested an extension for submission until April 29, 2025, to complete the necessary documentation. To recover, SMC plans to restructure and aims to consume 620,000 tons of steel in 2025, targeting a net profit of 30 billion VND. SMC shares are showing signs of recovery in the market.
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