NKG reported Q4 2020 results with revenue up 7% YoY to VND3.4tn (USD148.6mn) and NPAT-MI surging to VND154bn (USD6.7mn) vs VND7bn (USD0.3mn) in Q4 2019. These strong earnings results 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 for galvanized steel producers like NKG during the second half of 2020. Higher-than-expected financial income was also another factor that supported earnings