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

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