Myanmar: Five steel manufacturers have formed a joint venture to produce and sell hot-dip galvanised and coloured flat steel products for the building and construction sector in Myanmar.
The companies forming the joint venture include JFE Steel Corporation, Meranti Steel Private Limited, JFE Shoji Trade Corporation, Marubeni-Itochu Steel Incorporated, and Hanwa Company Limited. The five companies will establish a manufacturing and sales company—JFE Meranti Myanmar—in Myanmar through a Singapore-based holding company.
The joint venture will begin constructing a plant after obtaining approval from relevant authorities and plans to launch operations in 2020. The project’s total investment is approximately US$85 million.
The demand is rapidly expanding for flat steel products for building and construction, such as roofs, walls and structures. Currently, most of these steel materials have to be imported, but the need is expected to rise for locally produced high-quality products supported with technical services and short lead times. The demand will continue increasing as foreign companies increasingly enter Myanmar and build manufacturing plants, and as customer preferences shift to higher-end products as the standard of living rises.
The joint venture will be the first project in Myanmar focussed on manufacturing high-grade galvanised flat steel products.
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