It was reported that 5 firms were shortlisted by Myanmar’s Ministry of Planning, Finance and Industry, which was to set up a joint venture with a state-owned steel factory, and the site was located near Sar Khar village, Myingyan Township in Mandalay Region.

The restart of the steel mill would help to develop the private sector. The 5 participators were Go Excellent Myanmar Co., Ltd., Direct Investment Ltd., Millcon Thiha Co., Ltd., IMR Resources India Pvt. Ltd., and Sinosteel Equipment & Engineering Co., Ltd.

It was expected that the annual output of the steel plant was approximately 1.8 million tons. However, the factory was temporarily suspended by the local government, which was due to the increasing losses.