Replace foreign fabricated steel in the market.
This was a statement given by Steel Industries chairman Frank McQuoid who witnessed a significant decline in the steel fabrication market. He added that the way to move forward was to replace foreign fabricated steel.
In the past two decades, PNG fabricators lost up to 80 per cent of the structural steel fabrication market to inexpensive imports.
“This means a market rebalancing is required,” McQuoid said.
He added that doubling of local production can be done by the PNG industry.
Meanwhile, Steel Industries managing director Derek Hunter said that this can come with challenges.
“It will require increased productivity, featuring new cost-effective computerised equipment and increased manufacturing floor space,” he said. “While this all requires a significant upfront investment, the future payoff will be globally competitive production costs, competitive pricing for our clients and increased local employment opportunities.”
Director of operations Paul Speedy, noted that he had seen the positive feedback in this replacement.
