Masteel expects to turn around next year


  • Business
  • Thursday, 26 Nov 2015

KUALA LUMPUR: Malaysia Steel Works Bhd (Masteel) expects to turn around in 2016 as its new rolling mill in Bukit Raja is likely to contribute additional revenue of up to RM200mil per annum.

Managing director/chief executive officer, Datuk Seri Tai Hean Leng, said the Bukit Rajah rolling mill, which started operations in October 2015, targeted to produce an additional 150,000 tonnes of steel bars in 2016.

“With the production capacity of 450,000 tonnes from our Petaling Jaya mill, our total steel bar capacity in 2016 is expected to reach 600,000 tonnes,” he said in a statement.

Tai said the group was also optimistic of sales of steel bars as demand would be spurred by major infrastructure projects especially in the Greater Klang Valley.

For the third quarter ended Sept 30, 2015 the company suffered a pre-tax loss of RM22.45mil compared with a pre-tax profit of RM3.47mil. Revenue eased to RM301.4mil from RM362.1mil previously.

Meanwhile, Masteel said it had met senior management of Railway Assets Corp to present its town planning scheme.

It involved land in Kempas, Johor earmarked for the construction of Masteel’s proposed commuter train depot and other assets as required by the Transport Ministry. – Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , Masteel , turn around , next year , stocks , shares , klci , klse , commodities ,

   

Next In Business News

AirAsia gains RM240mil from Fly Leasing-Carlyle Aviation merger
Pavilion REIT doubles net profit in Q2 to RM20.4mil
Indonesia exits recession with 7% GDP growth in Q2, but virus clouds recovery
Comfort Gloves facilities in Taiping placed under EMCO�
MR DIY posts robust Q2 results despite Covid-19 curbs�
FBM KLCI closes in positive territory
China stocks fall as Beijing's crackdown fears hit sentiment
Nintendo profit falls as Switch sales fade
AmInvest takes top spots at annual fund management awards
Honda vehicle sales for May-July period declines 52% year-on-year

Stories You'll Enjoy


Vouchers