Pichai Naripthaphan, Thai minister of commerce, has paid a visit to Japanese steelmaker Nippon Steel Corporation to discuss the expansion plans and investments in Thailand, according to local media reports.
Mr. Pichai has asked Nippon Steel to consider increasing its investments and production in Thailand, particularly in high quality steel to substitute imports and in green steel that is currently in high demand in global markets. In his attempt to reassure the company, he has promised that the government will curb the influx of dumped low-quality steel imports, create a task force to combat imports and introduce antidumping measures, providing a fair business environment. The government remains committed to protecting the domestic steel industry while attracting foreign investment, Mr. Pichai added.
“Despite challenges such as price dumping and competition from imports, Nippon Steel remains confident in investing in Thailand. The company plans to invest multi-billion baht more, and I assure you that the Thai government will provide full support to facilitate these investments,” Mr. Pichai commented.
In the meantime, the Japanese steelmaker recently further strengthened its position in the Thailand steel sector, acquiring G Steel and G J Steel, the country’s largest green steelmakers and supporting the country’s economic growth, as SteeOrbis reported previously.