Eastern Steel, a joint venture established by Hiap Teck Venture Bhd and Chinese Shougang, has reportedly commissioned the construction of the first phase of the integrated steel mill located in Kemaman Heavy Industry Park (KHIP) in the East Coast Economic Zone.
It is known that the first phase with an investment of RMB 750 million will be completed in mid-2013 and it will have an annual production capacity of 700 thousand tons.
Zhu Jimin, Chairman of China's Shougang, stated that the firm sees the potential in the steel industry in Malaysia.
Meanwhile, steel demand increased in all ASEAN countries last year and Malaysia took the leading position in crude steel production, taking up 29% of regional production.
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