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New Steel Factory to Produce Up to 60,000 Tons a Year

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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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