A new steel factory owned by a Myanmar company has opened in Yangon after two years under construction. The Mindama Steel Structure Co, Ltd , a subsidiary of Mottama Holdings Ltd, says the plant will produce between 36,000 and 60,000 tons per year.
The factory will supply local companies as demand for construction materials continues to rise as Myanmar expands its infrastructure and developers pursue new residential and industrial projects.
“The plant aims to bring significant benefit to the consumer and I believe that our quality products, steel materials for construction and metal components for various building purposes, will meet customer’s satisfaction,” U Yan Ho, chairman of Mindama Steel Structure Co, Ltd., said.
The factory will significantly increase the country’s total annual steel production, which currently varies between 70,000 and 100,000 tons, produced by more than 100 private steel companies, according to the Myanmar Steel Association.
The company was awarded the license from the Myanmar Investment Commission in 2014.
It took two years, 2014 to 2016, to compete the construction of the plant at Shwe Pyi Thar industrial zone.
Myanmar’s annual steel consumption rate is 19 kilogram per person of total of 50 million population, or a total of only 1.33 million tonnes a year. Per capita steel consumption has been increasing in recent years. The construction sector represents 65 percent of total steel consumption with the effect of urbanization from rural area.
Source: Myanmar Business Today
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