Commerce Minister Pichai Naripthaphan recently visited the headquarters of Nippon Steel Corporation (NSC), the world’s fourth-largest steel producer, to invite the company to expand its investments in Thailand.
During the visit, the minister assured the Japanese steelmaker that the Thai government would actively prevent the influx of substandard steel being dumped in the Thai market, ensuring fair business practices.
Mr Pichai also urged NSC to consider increasing its investment and expanding production in Thailand, particularly in manufacturing high-quality steel to substitute imported steel and focusing on environmentally friendly “green steel,” which is increasingly in demand globally.
NSC places significant emphasis on its investments in Thailand, which ranks as the company’s third-largest globally, following the United States and India. NSC has maintained a strong presence in Thailand for over 60 years and recently expanded its footprint by acquiring G Steel Pcl and G J Steel Pcl. These strategic acquisitions express NSC’s commitment to contributing to Thailand’s economic growth.
G Steel and G J Steel is the largest green steel producers in Thailand. With the full support and endorsement of steel magnate Dr Somsak Leeswadtrakul — the founder and honorary chairman of G Steel and G J Steel — NSC has consistently played a key role in driving Thailand’s economic growth and is planning additional investments to further strengthen its presence in the country.
Leading a delegation of senior Commerce Ministry officials, Mr Pichai met Eiji Hashimoto, Chairman and CEO of NSC, at the company’s headquarters in Tokyo on Dec 20 to strengthen trade and investment ties.
The minister emphasised Thailand’s improving investment climate and targeted export growth of 5% this year, focusing on future-oriented industries such as PCBs, semiconductors, AI, and data centres. “Thailand stands ready to support these modern industries and looks forward to increased investments from Nippon Steel,” Mr Pichai said.
He highlighted the government’s proactive measures in supporting local manufacturers, including a task force to combat substandard imports and anti-dumping regulations. The ministry, he assured, is fully committed to safeguarding the domestic market while fostering foreign investment.
Addressing challenges such as declining domestic demand and rising energy costs, Mr Pichai expressed confidence in Thailand’s economic recovery and its growing hybrid vehicle market, which is expected to drive steel demand. He also praised NSC’s innovative use of hydrogen in steel production, which has reduced carbon dioxide emissions by 33% and set a global benchmark in green steel.
“Despite challenges such as price dumping and competition from imports, Nippon Steel remains confident in investing in Thailand. The company plans to invest multi-billion baht more, and I assure you that the Thai government will provide full support to facilitate these investments,” Mr Pichai said.
