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Lanwa invests USD 130 mn for modern steel and roofing sheets manufacturing plants

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Sri Lanka to be self-sufficient in steel:
Business
President Gotabaya Rajapaksa laying the foundation stone for the Lanwa Steel Factory in Magampura

Sri Lanka’s forerunner in steel manufacturing and export, Ceylon Steel Corporation Limited (Lanwa), last Monday laid the foundation for two state-of-the-art production facilities for steel and roofing sheets at the Lanwa Sanstha Industrial Precinct in the Mirijjawila Export Processing Zone Hambantota.

The company will invest around USD 130 million for these two projects. The foundation stone for the new steel facility was laid by Gotabaya Rajapaksa with Prime Minister Mahinda Rajapaksa and other ministerial delegates in attendance.

The aim of this project is to revitalize the local construction sector in the post-pandemic context by making essential raw materials readily available. The steel factory embodies Sri Lankan ingenuity by using iron ore as the primary raw material for manufacture of billet, bars and rods departing from the norm of using imported, costly steel billets. This backward integration is expected to save the local economy millions of dollars, which is the need of the hour. The facility is optimally sustainable as it adheres to local and global procedures and protocols pertaining to environmental safety. The total output of the facility, once commissioned, will be 600,000 MT of steel billet, rebars and wire rods per annum.

“This volume is expected to make Sri Lanka self-sufficient in the foreseeable future. The excess supply will be exported via the Hambantota International Port,” an official from Lanwa said. Most of the raw materials are to be sourced locally to empower local suppliers as well as to provide an affordable product to the market. The already operational Lanwa’s state-of-the-art infrastructure such as the 2.4km conveyor belt from Hambantota port to the EPZ will be used to transport raw materials to and manufactured goods from the factory ensuring optimum sustainability and minimum wastage.

“The facility will generate over 1,500 jobs directly and about 3,000 jobs indirectly. This will take Sri Lankan ingenuity to the world as well as support the domestic industry by managing & mitigating shortages and unprecedented fluctuations that typically occur due to overdependence on imports. This venture is a win-win for everyone,” said Chairman of Ceylon Steel Corporation Limited, Nandana Lokuwithana.

The group recently declared open a state-of-the-art cement manufacturing plant, Lanwa Sanstha Cement (Pvt) Ltd, with an investment of over Rs.25 billion. In addition, Minister of Irrigation and State Minister of National Security, Home Affairs and Disaster Management Chamal Rajapaksa laid the foundation for staff quarters “Haritha Medura” for Lanwa employees as part of the aggressive expansion efforts. (SS)

 

Thursday, March 10, 2022 – 01:00











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