Hiap Teck JV raises steel output

PETALING JAYA: Hiap Teck Venture Bhd stated that its 23.7% owned joint-venture (JV) company, Eastern Steel Sdn Bhd (ESSB), will increase production capacity to 2.7 million tonnes of steel slabs and billets per annum.

This is following the ignition of its new 1,380 cu m blast furnace plant on Aug 1, 2023, it said in a filing with Bursa Malaysia. ESSB’s current capacity is 700,000 tonnes per annum.

Hiap Teck said the new production is targeted to be sold locally and exported to markets in South-East Asia and North Asia.