Posted on 07 Mar 2025
Asteel Sdn Bhd (ASB), a subsidiary of the Asteel Group Berhad, has entered into a strategic joint venture (JV) agreement with EC Excel Wire Sdn Bhd for the storage, handling, and sales of steel bar and wire rod in Sarawak.
This partnership, said the Group, is part of its broader business strategy to increase the production capacity of high-quality steel products due to the rising demand from the local construction firms, steel fabricators, and hardware suppliers.
“With Sarawak’s economy on an upward trajectory, the demand for steel bar and wire rod will continue to grow, making this partnership a timely and strategic move,” said the Group in a statement.
Under this agreement, it said ASB will expand its distribution network by leveraging EC Excel Wire’s infrastructure and logistics capabilities.
“The agreement allows ASB to leverage on EC Excel Wire’s warehousing and distribution capabilities, ensuring efficient stock management and faster deliveries to customers across Sarawak.
“With access to diverse steel products, ASB can cater to a broader customer base, from small hardware stores to large-scale contractors.
This partnership serves as a strategic move to capitalize on Sarawak’s growing economy while ensuring seamless access to essential building materials for local businesses, it pointed out.
In alignment with the Group’s ongoing efforts to expand market share, enhance efficiency of supply chain and drive long-term business growth; it anticipated such a move to have positive impacts on the Group’s revenue and earnings per share (EPS).
“With this strong foundation, Asteel is poised to drive sustainable growth and create long-term value for its stakeholders,” said the Group, while highlighting its commitment to excellence, innovation and customer satisfaction.
Source:Borneo Post Online
