The Teluk Kalong industrial area in Kemaman, Malaysia, has announced an investment of RM6.6bn ($2.13bn) to build a steel plant to be constructed by a South Korean company.

The plant will be built in three stages.

There are already two steel plants in the area operated by Perwaja Steel Sdn Bhd and Eastern Steel Sdn Bhd. The new investment means a third steel plant in the 400 ha area," he said in a statement on 5 Feb. 2013.

Source: Daily ‘Business Times’, Kuala Lumpur; 6 Feb 2013