Iron and steel trader R&K Trading Co. inaugurated a ¥1.5 billion ($14 million) state-of-the-art steel factory in Yangon, Myanmar's largest city, on Friday.
The Japanese factory covers an area of 19,950 sq. meters in the Japan-backed Thilawa Special Economic Zone.
With a production capacity of 120,000 tons per year for steel plates and section steel, among others, the factory will basically cut and shape imported steel rolls from Japan to be used in construction projects in Myanmar.
Chairman Yoshiyuki Morita said at the opening ceremony that he hopes the factory will contribute to Myanmar's industrialization.