HSG reported Q1 FY2021 financial statements (HSG’s financial year end is September 30) with revenue of VND9.1tn (USD395.6mn; +38% YoY) and NPAT-MI of VND572bn (USD24.9mn; +216% YoY). The official Q1 FY2021 NPAT-MI is the same as the preliminary figure of VND572bn (USD24.9mn) announced at HSG’s AGM on January 21, 2021. The strong earnings were mainly driven by a more than 60% rally in hot rolled coil (HRC) prices from a four-year low in May 2020, which resulted in strong gross margin expansion