South Korean steel producer Dongbu Steel has broken ground in Thailand for the construction of a joint venture pre-painted steel sheet plant after receiving approval from the local authorities, with the aim of targeting the Southeast Asian market - as reported by Korean industry sources.
With construction to be completed by May 2013, the plant will have an annual production capacity of 80,000 metric tons. Dongbu Steel plans to supply pre-painted steel sheets from the plant to the local Thai market and to other Southeast Asian markets for use in construction and in production of electric home appliances. The steelmaker will provide all the galvanized steel sheets necessary for the production of pre-painted steel sheets at the plant in Thailand.
Dongbu Steel, LG International and Assava of Thailand have invested a total of $11 million for the establishment of their joint venture named Thai Dongbu, holding respective stakes in the ratio of 60: 20: 20.