Rayong steel company suspends operations due to lack of demand

[rooster59]

Rayong steel company suspends operations due to lack of demand

 

 

Nippon Steel Steel Processing (Thailand) Company, in Rayong province, has announced a temporary suspension of its operations starting November 9th, citing a steady drop in sales.

 

The Thai affiliate of Japan’s Nippon Steel, sexplained that, as there are 24 working days in November, if all its employees work full-time, the company’s output of steel will far exceed customer demand.

 

This makes it necessary, the company said, to suspend operations at its main office and at its factory from November 9th, in accordance with the Labour Protection Act.

 

Full story: https://www.thaipbsworld.com/rayong-steel-company-suspends-operations-due-to-lack-of-demand/

 

-- © Copyright Thai PBS 2019-11-03

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[PatOngo]

Ahhh! The much publicized EEC is off to a stellar start!

[PatOngo]

20 minutes ago, rooster59 said:

The Thai affiliate of Japan’s Nippon Steel, sexplained that,

What's love got to do with it?

[ExpatOilWorker]

Industry electricity consumption change Y-O-Y:

2019

June: -1.9%

July: -1.7%

August: -3.1%

 

Will be interesting to see September's number.

[neeray]

44 minutes ago, PatOngo said:

What's love got to do with it?

"sexplained"

Being that Rayong is just an hour away from Pattaya, the reporter probably still had the latter on his/her mind.

[Isaan sailor]

Could a six-year high on the Baht vs western currencies have anything to do with it?

[Don Mega]

Its great they sexplained the issue.

 

I will sleep better tonight.

[baansgr]

Hold on.... this can't be true as the economy  is booming....output up,  tourists up, record reserves etc etc etc

[Sydebolle]

The writing is on the wall ............. in huge capital letters! 

[AussieBob18]

Could this be yet another sign that the Thai economy is slowing?   Yes.

Will this sign of the Thai economy slowing result in any changed Govt policies?  No.

Am I being a negative Thai bashing Expat or am I being a realistic observer of the economic indicators? Up2U.

 

[digger70]

2 hours ago, baansgr said:

Hold on.... this can't be true as the economy  is booming....output up,  tourists up, record reserves etc etc etc

This one must have slipped through the Fake News Club.   ????

[Jessi]

Meanwhile, a Facebook user called Jim Bandon posted a picture of piles of ID cards belonging to employees of the Hi Trend Company in Si Racha district of Chon Buri. The cards were apparently left by workers after they were informed of the sudden closure of the company.

Previously, about 400 workers were laid off after their car tyre canvas plant was closed down due to declining product demand.

 

There are many more that are not being reported.

In the past 10 days, two others in Mattaput, 70 staff walked out as they have not been paid for two months and another large company in Si Racha  with 1,000 staff being put off. These all being reported on facebook but not much in the news as it looks so bad for the Government. Thailand is in for some tough times.

[jethro69]

Maybe just the regular maintenance rescheduled. A steel plant is a 24/7 operation after all. If they have overproduction it's a wise decision. After all it's a Japanese running business, they could be capable of doing smart moves.

[Denim]

Oh yes. The Junta are doing well.

 

Other recent closures :

 

https://thethaiger.com/news/four-hundred-made-redundant-as-tyre-factory-in-eastern-thailand-shuts-down

 

<snip>

 

Plenty of garment factories gone to the wall already , including my sister in laws who is now sitting at home redundant. At least she got 50,000 redundancy.

 

Oh well, Eat Shop Spend ............borrow more ......... beg.

 

And still Thai banks keep selling those bonds and driving the baht up. 

Edited November 3, 2019 by Jai Dee
Link to Bangkok Post removed as per Forum Rules

[1duckyboy]

I'm sure the government's news Fake News Department will get right on this.

[weegee]

You aint seen nothing yet...November has just begun....

[Lacessit]

49 minutes ago, Jessi said:

Meanwhile, a Facebook user called Jim Bandon posted a picture of piles of ID cards belonging to employees of the Hi Trend Company in Si Racha district of Chon Buri. The cards were apparently left by workers after they were informed of the sudden closure of the company.

Previously, about 400 workers were laid off after their car tyre canvas plant was closed down due to declining product demand.

 

There are many more that are not being reported.

In the past 10 days, two others in Mattaput, 70 staff walked out as they have not been paid for two months and another large company in Si Racha  with 1,000 staff being put off. These all being reported on facebook but not much in the news as it looks so bad for the Government. Thailand is in for some tough times.

Straws in the wind. Try selling or renting out a condo in Chiang Mai or Chiang Rai. The visa tightening the junta insisted on is coming back to bite them. The fabled Chinese and Indian tourists are not spending money as the junta expected. In other words, REMF's have cocked it up.

[Number 6]

@ying

 

Here's another one. Funny that.

 

Japanese as well.

[sirineou]

7 hours ago, rooster59 said:

The Thai affiliate of Japan’s Nippon Steel, sexplained that, as there are 24 working days in November, if all its employees work full-time, the company’s output of steel will far exceed customer demand.

The executives of that company have some sexplaining to do now/

[PatOngo]

2 hours ago, Jessi said:

Thailand is in for some tough times.

A loan sharks dream!

[PJPom]

I have just lost my next door neighbours who have left and returned to Bangkok as the food company they worked for supplying Hotels and Restaurants has folded. Both of them had been employed for at least four years that I know of and they had no prior warning. I think that the effect from tourism reduction is going to be much more widespread than just the Hotels, their suppliers and service companies are hurting too but don’t worry the Indians will solve all the problems, or will they?.

Edited November 3, 2019 by PJPom
Clarification

[hotchilli]

20 hours ago, Isaan sailor said:

Could a six-year high on the Baht vs western currencies have anything to do with it?

Either cutting production as a whole due to a drop in demand or shifting production to cheaper factories to cut costs?