Malaysia Steel Works (Masteel) has clinched a deal to export RM120M ($34.9M) worth of steel bars to Australia over the next two years under an agreement with Stemcor Australia
Masteel’s CEO Datuk Seri Tai Hean Leng, said the deal signified the company's commitment to export steel bars to the Australian market.
He added the agreement would allow Masteel to penetrate growth markets like Australia and New Zealand and at the same time, bring about export income for the country.
“Cementing our presence in the Australian market would further augment our expertise as an exporter of steel billet to the Asia Pacific markets.
“This is part of our long-term strategy to focus on export markets for growth and we have worked hard to establish this for the last five years,” he said.
Masteel was also awarded the Certification of Product Compliance from the Australian Certification Authority for Reinforcing Steels (ACRS) for the steel manufacturer’s continued effort to raise the bar and ensure the safe and consistent quality of its products.
The export market made up 35% of Masteel’s production capacity, which produces 450kt/y of billet and 350kt/y of steel bar. Tai said despite the global economic meltdown, he expected demand for steel to recover from the fourth quarter this year on the government’s pump-priming initiatives to boost steel demand.