HPG – Huge capacity expansion announced – Update

• HPG has just announced a plan to double the current capacity of the Dung Quat Steel Complex (DQSC) to 9m-10m tonnes per annum.
• According to management, the expansion project will likely start construction in FY23 and complete in FY29.
• Although the intention to expand the plant is not new, what surprised us was the huge capex of about US$2.1bn for this project. Maintain Add.

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