Posted on 26 Nov 2015
Masteel Expects To Turn Around In 2016
Malaysia Steel Works Bhd (Masteel) expects to turn around in 2016 as its
new rolling mill in Bukit Raja is expected to contribute additional
revenue of up to RM200 million per annum.
Managing Director/Chief Executive Officer, Datuk Seri Tai Hean Leng,
said the Bukit Raja rolling mill, which started operations in October
2015, targetted to produce an additional 150,000 metric tonnes of steel
bars in 2016.
"With the existing production capacity of 450,000 metric tonnes from
our Petaling Jaya mill, our total steel bar capacity in 2016 is expected
to reach 600,000 metric tonnes," he said in a statement Wednesday.
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 RM22.45 million compared to a pre-tax profit of RM3.47
million.
Its revenue eased to RM301.4 million from RM362.1 million previously.
