JFE Steel to es­tab­lish Myan­mar steel sheet fac­tory

Mizzima Business Weekly - - IN FOCUS -

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.

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