KUALA LUMPUR, Lion Industries Corp Bhd said it remains committed to its steel business and is exploring partnerships to revitalise its two Amsteel Mills plants amid a challenging market environment.
In a filing with Bursa Malaysia, the group clarified that it has no plans to shut down Amsteel Mills permanently, except for upgrading works to improve efficiency.
According to the group, the Bukit Raja plant — which has been operating since 1978 — will undergo upgrades with new machinery and processes to enhance efficiency and competitiveness. Lion Industries is also in discussions with potential strategic partners to bring in advanced technology and expertise. “This will make the plant more efficient, cost-competitive, and better aligned with market demands,” the company said.
Meanwhile, operations at its Banting plant have been temporarily suspended due to high operating costs, including a recent rise in electricity tariffs that made production uneconomical. The company is exploring partnerships to introduce new processes and products to restart the facility.
An announcement will be made once a suitable partner is identified, it added. Lion Industries, which is also involved in property development and building materials, saw its shares close two sen or 10.26% lower at 17.5 sen on Monday — a two-month low — valuing the company at RM122.49 million. Year to date, the stock has fallen nearly 24%.
