JFE Steel to establish Myanmar steel sheet factory
JFE Steel will set up a Myanmar production centre for high-grade steel sheet in 2020, anticipating rising demand for the goods, reported the Nikkei Asian Review. The steel will be manufactured for construction, with annual capacity reaching 180,000 tons. The production center will be the first for top-grade steel sheet built by a foreign maker in Myanmar. Investment totaling about $88.4 million is expected. JFE Steel and JFE Shoji (both units of JFE Holdings) will invest a total of 50 percent in a holding company to be established this year, while Marubeni-Itochu Steel and Hanwa contribute 15 percent each. Steel venture Meranti Singapore is in talks to invest the remaining 20 percent. Construction will commence in early next year at the Thilawa Special Economic Zone, reported the Nikkei.