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Myanmar Industry Body Aims to Boost Local Steel Production

Steel News - Published on Tue, 17 Sep 2019

Image Source: mmtimes.com
MM Times reported that to reduce Myanmar’s dependence on imported steel, plans are being made to increase local production with Chinese technology. Mr U Tin Myint, chief adviser to the Myanmar Steel Association said that “Local steel consumption relies heavily on imports rather than local production as only 10% of what the local market needs is produced locally while the 90 percent is imported. We are doing research to produce more steel locally with help from the Chinese .We hope that we can produce enough to cover two million tons to four million tonnes of local requirements.” He said that the manufacturing of steel locally is expected to start next year and ramp up by 2023 near coastal areas where raw materials for production are imported.

Mr U Sit Taing Aung, chair of the MSA said that “Naturally, steel requires large long-term investments so it is important to have a stable, predictable economic and political environment. Moreover, the government will also need to support the establishment of standards for the local market.”

MSA officials said that steel consumption is an indicator of economic growth and domestic consumption has been steadily rising, from 2.1 million tonnes in 2017, to 2.4 million tonnes in 2018, and three million tonnes so far this year.

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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