Posted on 10 Jul 2015
In a filing with Bursa Malaysia, Masteel said it had submitted the accounts for the financial year ended Dec 31, 2014, quarterly report for financial period ended March 31, 2015, and annual report for financial year ended Dec 31, 2014.
In an earlier filing, the integrated steel manufacturer said the submission of its financial statements was delayed as its external auditors were unable to express an opinion on the company’s 2014 financial statements and needed more information to complete the audit.
Subsequently, special auditor UHY Advisory (KL) Sdn Bhd was brought in to conduct an independent and comprehensive review on the company’s financial statements for the year.
Meanwhile, the steel manufacturer is aiming to boost its revenue by RM360mil per annum when its newly-minted 200,000 tonne per annum rolling mill in Bukit Raja, Selangor, is ready by month end.
“The mill would boost the group’s downstream steel bar production capacity from 450,000 tonnes per annum to 650,000 tonnes per annum upon reaching full capacity. With this, (our) downstream steel bar capability would efficiently match its upstream steel billet production capacity of 700,000 tonnes per annum,” it said.
The new mill would also allow Masteel to convert at least 90% of its upstream steel billets into higher value-added steel bars compared with about 60% presently, it said.
“In addition to benefiting from better selling prices, the increased conversion rate would enable us to capture a larger share of steel bar demand from the robust domestic construction sector,” it said.
“We hope that the stricter regulations would curb the high volume of cheap steel bar imports, especially from China where oversupply and price dumping are rampant.
“We look forward to domestic prices of steel bars improving to a more favourable range in the future, from current challenging conditions,” its managing director and chief executive officer Datuk Seri Tai Hean Leng said.
