Malaysia Steelmakers Cancel Joint Venture Plans, an Industrial Info Market Brief

---

Southern Steel Berhad and Ann Joo Resources Berhad, two of Malaysia's biggest steel manufacturing companies, have canceled their joint venture agreement to enter the long steel business, due to an unfavorable steel market caused by the COVID-19 pandemic. Southern Steel Berhad and Ann Joo Resources Berhad recently signed a memorandum of understanding (MoU) in January, and were slated to form a definitive agreement in the second quarter of the year. The joint-venture deal was aimed to consolidate the assets between the two steelmakers, and was expected to have $380 million worth of improvement and expansion projects in the pipeline.

Click here for a list of active projects attributed to Southern Steel Berhad and Ann Joo Resources Berhad.