It is reported that Myanmar's Public Works of the Ministry of Construction and Japan's JFE Engineering Corporation has formed a joint venture to construct the steel mill in Yangon's Thakayta Township to undertake production of steel material. The major industry players in Myanmar's iron and steel industry are the government sector, the private sector (industrial zones) and the Myanmar Economic Corporation (MEC) a quasi-government body and operating a total of five major steel mills with total capacity of 850,000 tons per year. It is analyzed that Japan has invested up to US$273.423 million in Myanmar as of July 2013 and ranked the 11th in Myanmar's foreign investment line-up.