Posted on 04 Aug 2023
Malaysian steelmaker Hiap Teck Venture’s 27.3%-owned joint venture company Eastern Steel (ESSB) successfully ignited its newly completed 1,380 m3 blast furnace plant on Tuesday 1 August, Kallanish notes.
Hiap Teck says in a bourse filing that with the successful ignition of the new blast furnace, ESSB's production capacity will increase from the current 700,000 tonnes/year of steel slabs and billets to 2.7 million t/y.
ESSB's production is targeted to be sold locally to satisfy domestic demand and also exported to neighbouring countries principally in Southeast Asia and North Asia.
ESSB is principally involved in the manufacturing, selling and dealing in a range of steel products.
Hiap Teck is confident that the completion of ESSB’s new blast furnace plant will significantly expand ESSB's revenue and earnings and therefore, will contribute positively towards the future performance of the Hiap Teck.
Source:Kallanish
