State-owned steel mill seeks investors

The Ministry of Planning, Finance, and Industry is seeking expressions of interest from both domestic and foreign investors interested in participating in the recommissioning of the Myingyan Steel Mill.

The steel mill, located near Sar Khar village, Myingyan Township in Mandalay Region, is reported to have a production capacity of 1.8 million tonnes a year.

Besides the Myingyan mill, the government also owns another mill in Pangpet

Now, the state-owned entity No. 1 Heavy Industrial Enterprise, which operates the Myingyan mill, is seeking investors to participate in the running of the mill. No. 1 Heavy Industrial.

Enterprise is under the control of the Ministry of Planning, Finance, and Industry.

A spokesperson from No. 1 Heavy Industrial Enterprise said an estimated K225 billion is required to complete the mill and investors are being sought to help finish the mill and operate it.

The spokesperson added that the government is willing to consider a range of proposals for different types of public-private partnerships including the possibility of limited disposal of certain designated product lines currently located at the mill.

At present, some 90 percent of the country’s steel needs is imported, with the other 10pc coming from local production.

The South East Asia Iron and Steel Institute estimates that Myanmar’s steel demand will continue to expand at an average growth rate of 8pc a year, with steel demand in the country could exceeding 3 million tonnes in 2020 and reaching 5 million tonnes in 2025.

Source: Myanmar Times

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