Indian steelmaker Tata Steel's managing director Mr. B. Muthuraman has announced that despite the high steel consumption level in Thailand, which is expected to grow further in the coming years, the company will not be building a steel mill in the country because of its high electricity costs and lack of primary raw materials such as coal and scrap.
Mr. Muthuraman went on to say that Tata's investment in Thailand is in line with the company's global merger and acquisition strategy. Thus, Tata acquired a 65 percent stake in Millennium Steel Plc in 2005, subsequently raising its stake in the Thai company to 72 percent and renaming it as Tata Steel (Thailand).