Nippon Steel Corp. and JFE Steel Corp., Asia's two largest mills, remain interested in investing in Thailand despite the nation's political turmoil, Industry Minister Pracha Promnog said.
The Japanese companies believe that political unrest will not affect their plans to build mills, Pracha said Friday in a statement. Still, they want the government to have a clear policy on supporting steel projects, said Pracha, who visited Japan last week.
Political unrest has intensified since antigovernment protesters seized the prime minister's office in August, helping drive the SET Index down by 54 percent this year. The protesters have said they plan to step up efforts to dislodge the government after a Thursday bomb explosion killed one activist.
Nippon Steel, JFE, ArcelorMittal, the world's largest steelmaker, and Baosteel Group Corp., China's biggest producer, have expressed interest in making high-quality steel in Thailand, the Board of Investment said Feb. 1.
JFE Holdings Inc., the holding company for JFE Steel, said Oct. 21 the company has yet to decide on plans to build a blast furnace in Southeast Asia. It may site the project in Thailand, the Philippines, Vietnam or elsewhere, Haruyuki Imamura, vice president at JFE Steel, said on Oct. 15.