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Print[ferro-alloys.com] China Steel said it expects to source 30 percent of its annual raw material needs with a new alloy plant in Malaysia.
According to the Central News Agency, a total of US$328 million will be injected into the plant, a joint venture with South Africa's Assmang Ltd. and Japan's Sumitomo Corp. The three firms signed a deal on the plant Oct. 10 in Malaysia.
Assmang owns a 54.36-percent stake in the plant, while Sumitomo owns 26.62 percent and China Steel 19 percent.
The 113-hectare plant will be located in the Samalaju industrial park, which is still under development about 60 kilometers north of Bintulu in the state of Sarawak.
The plant, which is scheduled to begin production in 2015, will supply 30,000 metric tons of raw materials to China Steel every year, according to the company.
China Steel Sumikin Vietnam Joint Stock Company (CSVC), China Steel's Vietnam subsidiary cold rolling complex, was recently completed and is scheduled to break even in three years.
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