According to media sources, Tata Steel Global Holdings Pte Ltd. seeks to finalize the 67.9 percent stake of its Tata Steel Thailand Plc (TSTH) in May to a new venture in Singapore.
For the FY 2019 ended on March 31, 2019, TSTH posted sales of 1.15 million mt of steel, down by 5 percent year-on-year due to a bearish domestic market. Export volumes in FY 2019 were 136,000 mt, up 20 percent and making up 12 percent of total sales for the period.
According to President and CEO Rajiv Mangal, steel consumption demand is expected to trend at 2-3 percent in 2019, down from higher expectations of 5-6 percent due to potentially stalled government megaprojects. Political uncertainty stemming from the March 24 elections are also clouding private investment which is resulting in limited new purchase orders from the sector. Thai steel demand was 17.4 million mt in FY 2018.
TSTH has a 1.7 million mt capacity and produces rebar and wire rod at its plants in Con Buri, Saburi, and Rayong.