In 2018, two of Singapore’s largest reinforcing steel fabricators became one. BRC Asia spent S$200 million to acquire its rival, Lee Metal Group. The market noted it as a consolidation play. Analysts wrote it up and investors moved on. But most people missed what the deal actually created. Because overnight, BRC Asia became the dominant force in Singapore’s reinforcing steel market. Before the acquisition, Singapore’s reinforcing steel market was fragmented and price-destructive. Multiple fabricators competing aggressively, undercutting each other, keeping margins thin for everyone involved. After the acquisition, two players remained. The race to the bottom ended. Pricing discipline replaced it. And BRC Asia emerged controlling roughly 60% of the domestic market. These two players went on to become the only two companies capable of supplying HDB projects at a national scale without bottlenecks. HDB builds tens of thousands of flats every year on a non-negotiable schedule. It cannot afford supply disruptions. and it does not experiment with unproven vendors....