Kinsteel losses widen to RM287mil

Kinsteel is an integrated steel manufacturer and one of the largest steel millers in Malaysia. It manufactures a wide range of long steel products. File picture shows Kinsteel Bhd worker using a forklift to load steel billets into a reheating furnace in its factory.

PETALING JAYA: Losses at Kinsteel Bhd widened to RM287.43mil for the fourth quarter ended June 30 compared with a loss of RM37.69mil in the previous corresponding period due to impairments.

The company, in a filing with Bursa Malaysia, said the impairment of its redeemable convertible unsecured loan stocks and receivables in Perwaja Holdings Bhd amounted to RM170.9mil.