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Masteel gets steel supply contract worth MYR 6.7 million
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Friday, 16 Nov 2012

Malaysia Steel Works (KL) Bhd or Masteel has won a MYR 6.7 million high tensile steel bars supply contract for the Klang Valley Mass Rail Transit project.

The integrated steel manufacturer said that its location within the Klang Valley gave it an advantage to benefit from other upcoming projects which include the MYR 7 billion KL light rail transit extension, the MYR 1 billion New Pantai Expressway and the MYR 2 billion low cost carrier terminal.

Mr Seri Tai Hean Leng MD & CEO of Masteel said that "We are poised to capitalize on these new opportunities, having continuously invested in our plant capacity and efficiency upgrades. Our third rolling mill, which is currently being constructed, will also allow us to benefit from all these prospects in the market."

He expected the frequency and quantum of steel bars awards to intensify over the next three years as the KVMRT project implementation gains momentum.

Masteel has a 550,000 tonnes per annum melt shop in Bukit Raja and a 350,000 tonnes rolling mill in Petaling Jaya, both in Selangor. The company expects its second rolling mill, to go operational by end 2013, to boost steel bar production by an additional 200,000 tonnes.

In its last published financial results, Masteel posted a 23% increase in its second quarter ended June 30th 2012, net profit to MYR 19 million or 9.02 sen earnings per share from MYR 15.48 million declared in the same quarter of the preceding year. It also registered a 2% increase in revenue to MYR 344.13 million from MYR 338 million in the same quarter of preceding year.

Source - The Malaysian Reserve


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