Industry Minister calls for Xin Ke Yuan Steel's privilege revocation

According to his Facebook post, Akanat stated that Xin Ke Yuan Steel does not comply with the Factory Act and the Industrial Product Standards Act.

He also noted that the ministry’s notification letters, issued on December 27, 2024, and February 20, 2025, instructing the company to improve its products to meet the required standards, remain in effect. He added that the product quality has yet to be improved.

“The rumour that the meeting was cancelled because of the Industry Ministry is not true,” he said, adding that his working team has been instructed to investigate the matter.

Xin Ke Yuan Steel is currently under scrutiny for its potential involvement in the collapse of the State Audit Office building in Bangkok following the earthquake on March 28.

Test results from the Iron and Steel Institute of Thailand revealed that the company’s 32mm and 20mm deformed steel bars, used in the construction of the building, failed to meet safety standards.

However, difficulties arose in revoking Xin Ke Yuan Steel’s investment privileges during a special meeting of Thailand’s Board of Investment (BOI) due to the emergence of a Thai Industrial Standards Institute (TISI) document certifying the company’s product quality.

The document has thrown the revocation process into disarray, raising concerns about potential legal challenges and costly compensation claims, reminiscent of the Akara gold mine dispute.