The Star reported that Malaysia Steel Works (KL) Bhd plans to invest about MYR 300 million in a downstream project to meet rising demand from both local and overseas markets.

In a filing with Bursa Malaysia yesterday, Masteel said the project would be ready in two years and financed from its own funds and borrowings.

Masteel said the project would be located close to its existing meltshop at its Bukit Raja plant, Klang, covering an area of about 20 acres, adding that the feedstock would be the company’s billets produced at the meltshop.

Masteel said “There is no immediate effect. However, once the project is completed in two years time, it will augur well for the margin and profitability of the company. Consequently, this should improve the stakeholders’ value and expectation.”

(Sourced form biz.thestar.com.my)