USD31 Million Steel Plant Approved for Kampong Speu Province

• 27 June 2018
• Local News
• 2296 Views

The Council for the Development of Cambodia (CDC) has recently approved a request from Hai Sheng Steel Co., Ltd for their project to build a steel plant in Kampong Speu Province in response to the high demand for steel in the kingdom.

Located at Preah Nipean Commune, Kong Pisei District, Kampong Speu Province, the project will be built using the budget of USD31.07 million. This new plant is expected to create more than 106 jobs for locals.

Speaking at the Cambodia Steel Industry Forum last month, CEO and Chairman of ISI Group Kang Leng emphasised that the steel industry is indeed the bedrock of the industrial growth and economic development in Cambodia. “Steel consumption demand in the market increases remarkably every year,” he said.

Some statistics, according to Mr Kang, show that the total value of steel imported into Cambodia accounted for a value of about USD1billion over the period of the last five years. China and Vietnam are the main raw material suppliers of ISI group.

“Cambodia is still very low compared to our ASEAN peers in term of steel consumption. There are plenty more opportunities for growth, hence more opportunities for further developing the steel industry in the nation,” Mr Kang explained.