China Invests in Southeast Asia Steel Capacity, an Industrial Info Market Brief

Chinese companies are bankrolling and supporting recent steel grassroot and expansion steel projects in Southeast Asia as the region contends for new foreign investment during the pandemic. Indonesia currently has PT Dexin Steel Indonesia, partly owned by China's Delong Holdings Limited, building a 3-million-ton-per-year stainless steel complex in Morowali Industrial Park, and Shaanxi Iron and Steel Group plans to construct a new 7-million-ton-per year steelmaking plant east of the archipelago nation. Chinese company HBIS Group has joined SteelAsia Manufacturing Corporation to construct an 8 million-ton-per-year steel complex in the Philippines, the country's first integrated iron and steel mill, while China's Wenan Iron and Steel Company is pushing its plans to build a new 6.5 million-ton-per-year integrated steel complex in Malaysia amidst backlash from local steelmakers. Kunming Iron and Steel Group Company also recently signed a memorandum with the Myanmar Steel Association to build a new 4 million-ton steel mill complex in the country within the next five years as it prepares to expand in the region.