Millennium Steel to increase production

Millennium Steel to increase production

Thai construction steel producer Millennium Steel Plc (MS) announced plans to increase its high-grade steel output while reducing costs through improved production efficiency. In line with the company's plan, output of commercial grade steel bars will be reduced from 60% to 50% of current total production over the next 3-5 years. At the same time, high grade steel production will be increased. Millennium Steel also intends to invest Baht 400 million ($10.4 million) to improve the production efficiency of its NTS steel mill, which produces high quality wire rods. The company plans to increase its production to 1.15 million tons this year from 900'000 tons in 2004 in order to meet domestic demand. Moreover, the company anticipates that demand will rise further due to many infrastructure projects in the country.