STO slashes price of steel by up to 14%

STO Construction Materials outlet. (Photo/STO)

State Trading Organization (STO) Construction Solutions has reduced the price of steel products.

STO announced that starting Tuesday, the price of its steel products has been reduced by up to 14 percent.

The economic shocks from the Covid-19 pandemic had resulted in significant changes to the global prices of construction materials – especially metal.

STO said it had worked persistently to control the market prices in Maldives, and provide products to customers at the lowest prices. The organization said that as supply chain issues resolve themselves, favorable changes will be made to prices of additional products.

STO is one of the biggest importers of construction materials in Maldives, and has outlets across the country.