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JFE Steel to build Myanmar sheet factory for construction

Demand for high-grade steel soars as rising economy spurs development

JFE Steel looks to jump ahead of the competition on local production of corrosion-resistant steel in Myanmar.

TOKYO -- JFE Steel will establish a Myanmar production center for high-grade steel sheet in 2020, anticipating rising demand for such value-added goods in a fast-growing market where urban development and foreign investment are expanding.

The steel will be produced for construction, with annual capacity reaching 180,000 tons. Investment totaling roughly 10 billion yen ($88.4 million) is expected. JFE Steel and JFE Shoji -- both units of JFE Holdings -- will invest a total of 50% in a holding company to be set up this year, while Marubeni-Itochu Steel and Hanwa contribute 15% each. Steel venture Meranti Singapore is in talks to invest the remaining 20%.

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