SAC Chairman Prime Minister Senior General Min Aung Hlaing conducts inspections to resume No (2) Steel Mill Project (Pinpet)

Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing, accompanied by the SAC members, Union Ministers, the Shan State Chief Minister, senior military officers of the Commander-in-Chief of Defence Services Office, the Commander of Eastern Command and other officials inspected the No (2) Steel Factory (Pinpet) operated by No (1) Heavy Industrial Enterprise under the Ministry of Industry near Pin Ngo Village of Pinpet region of Taunggyi Township on Friday evening.
Union Minister for Industry Dr Charlie Than and Union Minister for Electricity and Energy U Aung Than Oo reported on the current situation of No (2) Steel Mill Project (Pinpet), effective management for work plans, arrangement to provide sufficient power and natural gas to the plant while the in-charge of the factory explained the process of the factory.
In his response to the reports, SAC Chairman Prime Minister said the No (2) Steel Mill (Pinpet) project is the very first iron and steel project implemented in Myanmar, and when completed, it will provide the local demand without importing. It needs to carry out to be successful as it can create job opportunities and has solid market potential. Although the project completed 98.86 per cent, the operation was suspended due to irrational decisions made at the Pyidaungsu Hluttaw session held on 6 and 15 March in 2017 under the government that took office in 2015. Therefore, it causes huge losses to the country. The current government now makes efforts to resume the project as it can bring benefits to the country.
He then added that it needs to prepare a proper transport system in advance for the electricity, natural gas and raw materials to start the project. In case of power outages, it is also necessary for the factories to take systematic measures to prevent power cutoff as the factories can face huge losses.
If the factory runs during a fixed period and produces steel, it can reduce the use of foreign currency. Moreover, it still needs to construct rail to run electric trains in transporting the mines and produced raw iron and steel and to make preparation not to occur power cuts.
Then, he inspected the factory and raw material extraction sites via the viewpoint.
The No (2) Steel Mill Project (Pinpet) was developed by Russian company Tyazhpromexport (TPE) and the Myanmar Economic Corporation (MEC) on 5 September 2006. The project was transferred to the Ministry of Industry on 1 October 2012. The operation was suspended for four years and six months. Currently, the officials plan to resume the project in the 2023-2024 financial year.—MNA