S Korean steelmaker to boost exports to Thailand
Giant South Korean steel-manufacturer Changwon Specialty Steel plans to boost exports to Thailand next year to 15 per cent of its total exports, from 10 per cent now.
Senior vice president Oh Moon-sik said the move was to cash in on the upcoming mega-projects in the Kingdom. The company has spent US$400 million (Bt14.24 billion) this year to boost annual production capacity to 875 billion tonnes from 803 billion tonnes last year. That investment is part of an overall upgrade in product quality, the better to compete with the company's Japanese and Chinese rivals. Changwon specialises in producing stainless- and tool-steel long products such as wire rods, round bars, flat bars and seamless pipes. Last year the company recorded total revenues of $1.2 billion, with 76 per cent of that from its domestic market and the rest from exports. Besides Thailand, its main foreign markets are Japan, Taiwan, the US, China and Europe. Surapan Vivatanaprasert, managing director of Menam Stainless Wire, one of Changwon's customers in Thailand, said the South Korean company's stainless-steel products were cheaper than those from Japan by $200 to $400 a tonne on average. Thailand imports 1,500 tonnes of stainless steel a month. Surapan expects that to grow to 2,000 tonnes a month next year.
Chalida Ekvitthayavechnukul The Nation
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