Core Insights - VinGroup Corporation has established a new subsidiary, VinMetal Joint Stock Company, focused on steel production for construction, transportation infrastructure, and automotive sectors with an initial investment of VND 10 trillion (US$ 380 million) [1][4] Group 1: Company Overview - VinMetal plans to build a high-tech steel production complex in Vũng Áng, with an initial production capacity of 5 million tons of steel per year [2] - The company will produce hot-rolled, high-strength steels, specialized steel alloys, sheet steel, and stamped steel body parts for the automotive industry [2] Group 2: Strategic Focus - Initially, VinMetal will supply in-house companies such as Vinhomes and VinFast, with plans to expand to external customers and export markets [3] - The long-term goal is to establish a leading green steel production operation by adopting carbon-reducing technologies and utilizing renewable energy sources [3] Group 3: Leadership Vision - VinGroup's vice chairman and CEO emphasized that VinMetal represents a strategic preparation for a modern, green, and sustainable infrastructure future for Vietnam, aiming to develop foundational industries for national growth [4]

Core Insights - Algoma Steel Group Inc. reported consolidated revenue of $589.7 million for the second quarter of 2025, a decrease from $650.5 million in the same quarter of the previous year [5][7] - The company experienced a net loss of $110.6 million, compared to a net income of $6.1 million in the prior-year quarter, primarily due to lower steel shipment volumes and pricing pressures [7][19] - The company achieved its first arc and first steel production from its Electric Arc Furnace (EAF) project, marking a significant milestone in its transition to green steel production [4][11] Financial Performance - Revenue for the second quarter was $589.7 million, down from $650.5 million year-over-year, with steel revenue specifically at $534.4 million compared to $597.4 million [5][7] - The average revenue per ton of steel sold decreased to $1,249 from $1,293 in the prior-year quarter [5] - The loss from operations was $85.1 million, significantly higher than the loss of $12.5 million in the previous year, attributed to lower revenues and increased costs from tariffs [6][7] Tariff Impact - Tariff costs for the second quarter totaled $64.1 million, impacting the company's financial performance due to ongoing tariff uncertainty and market conditions [6][16] - The U.S. imposed a 50% Section 232 tariff on steel exports from Canada, contributing to a structural imbalance in the Canadian market and resulting in lower pricing [14][15] - Canadian net sales realizations were reported to be up to 40% lower than U.S. levels, leading to an estimated revenue impact of $30 million [15][16] Operational Developments - The company completed preparations for its first production of Volta™, its trademarked green steel, with successful production achieved in early July 2025 [4][11] - The EAF project is expected to provide a structural cost advantage and reduce annual carbon emissions by approximately 70% [13][28] - As of June 30, 2025, the cumulative investment in the EAF project was $881 million, with funding expected from cash on hand and operations [12][19] Liquidity and Capital Allocation - At the end of the quarter, the company had cash of $82.5 million and unused availability under its Revolving Credit Facility of $329.1 million [17] - The Board of Directors decided to suspend the regular quarterly dividend of approximately US$5.2 million to preserve liquidity amid ongoing market uncertainties [19]