Thai Steel Tycoon urges the next government to cut living and electricity costs

After the preliminary election results had become clear to the wider society, Executive Director of the Iron and Steel Institute of Thailand Mr. Somsak Leeswadtrakul, through an interview with Bangkok Post, delivered a message to Thailand’s prospective new administration, stressing that scaling living and electricity costs, as well as the promotion of the Thailand’s steel sector, should be prioritized.


The high cost of living, which has impacted low-income earners, should be one of the upcoming government’s main objectives. According to Mr. Somsak, “now everyone is pinning their hopes on the new government to deal with this issue.”


Thai steel manufacturers are likewise dealing with rising power costs as seen by their monthly electricity bills. Mr. Somsak is concerned that if sufficient support is not provided, power costs in Thailand may grow even faster than in other ASEAN nations, affecting the competitiveness of the Thai steel sector.


The steel magnate urged the incoming government to take electrical concerns seriously and deliberately because its’ success would not only benefit businesses but will also avoid financial burdens from being passed on to customers.


Thailand’s steel sector currently has considerably more capacity to produce from, and Mr. Somsak believes that with suitable government stimulation measures,  they can help bring the firm back to life. His suggestions include, authorities to strictly enforce an anti-dumping policy to prevent the entry of low-quality steel into the country; steel entrepreneurs who have invested billions of baht in the industry and employ over 200,000 people must also be protected; and local products must be promoted to help domestic industry thrive even more.


The bottom line is, Thailand has a potential to become ASEAN region’s industrial leader if the incoming government successfully solves the cost of living and electricity price problem as well as the complications in the steel and other industries Mr. Somsak added.