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According to recent news in the market, Lion Diversified Holdings has signed memorandum of understanding (MoU) with US-based equipment supplier Midrex Technologies to build a steel plat in order to produce direct reduced iron (DRI). The new plant, the cost of which has not been revealed yet, will produce 1.5 million tons of DRI per annum. The plant will be built in Banting, Selangor. DRI produced at the new mill will be supplied to Lion’s three electric arc furnaces ad the adjacent steel mills, namely Megasteel and Amsteel II.