Nippon Steel has reaffirmed its long-term commitment to Thailand, urging stronger government protection against an influx of substandard steel imports and expressing readiness to further expand investments in the country.
Takahiro Mori, vice-chairman and executive vice-president of Nippon Steel Corporation, met Prime Minister Anutin Charnvirakul at Government House on Tuesday to discuss the development of Thailand's steel industry, together with Deputy Prime Minister and Commerce Minister Suphajee Suthumpun and Industry Minister Varawut Silpa-archa.
The delegation included Dr Somsak Leeswadtrakul, honorary chairman of G Steel and G J Steel, strategic partners of Nippon Steel and among Southeast Asia's largest electric arc furnace (EAF) green steel producers, along with senior company executives.
Nippon Steel, Japan's largest steel producer and expected to become the world's third-largest steelmaker following its US$14.9-billion acquisition of US Steel, reaffirmed its long-term commitment to Thailand through investments in around 30 companies employing approximately 8,000 workers across the steel supply chain, from upstream production to downstream manufacturing.
The company said its total assets in Thailand are valued at around 80 billion baht, generating annual revenue of approximately 123 billion baht.
Executives expressed confidence in Thailand's industrial potential and highlighted plans to continue improving production quality, advancing environmentally friendly steel technologies, and expanding future investments in the country.
During the discussions, Nippon Steel requested stronger government support to improve the competitiveness and sustainability of Thailand's domestic steel industry, which has faced growing pressure from imported steel products sold at significantly lower prices.
One key proposal involved reforming Thailand's trade remedy measures against unfair steel imports. The company urged the government to revise anti-circumvention measures from the current individual exporter basis to a country-by-country basis, in line with existing anti-dumping measures. Executives also called for faster procedures to add circumventing exporters to enforcement lists.
The delegation further urged stricter enforcement of Thai Industrial Standards to ensure product quality and fair competition, while supporting proposals by the Federation of Thai Industries to impose appropriate restrictions on substandard steel production using induction furnace technology. The company expressed readiness to further expand investments in Thailand with continued government support and favourable industrial policies.
Prime Minister Anutin reportedly instructed the commerce and industry ministries to closely monitor the situation and coordinate measures to mitigate the impact on Thailand's steel industry.
Mrs Suphajee and Mr Varawut said the measures are being expedited, noting that stronger support for the steel sector would help reinforce Thai industries and stimulate growth in related sectors.
