Shougang Group to build steel plant in Malaysia with Xiede Investment
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Beijing-based Chinese steelmaker Shougang Group and Malay Xiede Investment Co. are to jointly build a steel plant in Kemaman, Malaysia, according to Malaysia-based newspaper Nanyang Siang Pau.
The two-phase project will cost a total of MYR 1.8 billion ($567.8 million). Phase one will have an annual steel production capacity of 700,000 mt and will cost MYR 750 million ($236.6 million). Construction started on December 5, 2011 and is due to be completed in 2013. Meanwhile, phase two will cost MYR 1.05 billion ($331.2 million) and will have an annual steel production capacity of 800,000 mt.