Steel mill tie-up
Source: Agencies |
December 6, 2011, Tuesday
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Print Edition
Print Edition
CHINA Shougang Group has tied up with Malaysia's Hiap Teck to build a 1.8 billion ringgit (US$573 million) steel mill, its first such investment outside of China.
A joint statement yesterday said the mill in Malaysia's Terengganu state will produce 700,000 tons of steel slabs a year to cater to southeast Asia's growing markets when completed in mid-2013. It said the mill, run by a joint venture called Eastern Steel, will later raise output to 1.5 million tons.
Shougang, one of China's top steel makers, controls 40 percent of Eastern Steel. Hiap Teck holds 55 percent.
Officials said there is strong demand in southeast Asia, which imports more than 4 million tons of steel slabs annually.
A joint statement yesterday said the mill in Malaysia's Terengganu state will produce 700,000 tons of steel slabs a year to cater to southeast Asia's growing markets when completed in mid-2013. It said the mill, run by a joint venture called Eastern Steel, will later raise output to 1.5 million tons.
Shougang, one of China's top steel makers, controls 40 percent of Eastern Steel. Hiap Teck holds 55 percent.
Officials said there is strong demand in southeast Asia, which imports more than 4 million tons of steel slabs annually.
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