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Hot rolled coil production with an investment of MYR 3 billion ($710.83 million) is planned to start in 2023, SteelOrbis understands.

The company’s main shareholder, China-based Shanxi Jianlong, injected CNY 500 million ($78.55 million) cash last month into the company, raising its equity share to 68.8 percent from 60 percent previously. Meanwhile, Hiap Teck’s shareholding in the company fell to 27.3 percent from 35 percent.

Eastern Steel currently operates a blast furnace plant in Kemaman, Terengganu, with an annual semi-product capacity of around 700,000 mt, SteelOrbis has learned.