Qarmet opens office in Singapore as part of its international expansion strategy

The company strives to respond quickly to the challenges of the rapidly growing Asian market

Kazakhstan’s Qarmet Iron and Steel Works has opened an office in Singapore as part of its strategy to enter international markets and search for potential partners from Southeast Asia. This is reported by KazTAG.

As noted, the implementation of Qarmet’s strategic modernization program, aimed at transforming processes to improve quality and production volumes by introducing advanced industrial safety standards, requires a new business model and attracting significant amounts of capital.

“The opening of a representative office in Singapore is driven by the need to respond quickly to the challenges of the rapidly growing Asian market. The new office will play a key role in strengthening the company’s position in the region, including Malaysia, Indonesia, Australia and Singapore itself,” the company said.

Qarmet added that the company’s management is based in Kazakhstan, including the shareholder.

The opening of an office in Singapore is a continuation of the course towards business institutionalization and globalization of leading Kazakh enterprises.

In the first quarter of this year, Qarmet increased steel production by 30% y-o-y and shipments by 23% y-o-y, the volumes are not specified.

In addition, the company is preparing the Kuzembaev mine for the development of new coal seams with reserves of over 22 million tons. A new ventilation shaft over 500 meters deep is currently under construction. The fan building and an underground channel connecting it to the shaft, as well as a substation, have been erected. The shaft is being reinforced and grouted.

Preparations are underway for the fourth stage of construction – installation of a permanent hoisting machine and a hoist designed to transport people and goods. All works are being carried out using materials produced in Kazakhstan.

Earlier, the mine started developing a new block for coal seams K13 and K14. A new ventilation shaft is needed to safely mine these horizons. It is noted that its commissioning is of strategic importance for the further development of the enterprise and will ensure the mine’s sustainable operation for decades to come.

As GMK Center reported earlier, in 2024, Qarmet exceeded its production targets for almost all key products. In particular, the plan for iron production was exceeded by 15%, steel production by 15%, coke production by 18%, sinter production by 12%, and section production by 17%. The company’s business plan for the current year provides for the production of 3.7 million tons of steel.