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BEIJING, July 22 (Bernama) -- Malaysia''s leading steel company, Hiap Teck

Venture Berhad (HTVB), Friday signed a joint-venture agreement here with China

Shougang International Trade and Engineering Corporation to set up an integrated

steel mill in Teluk Kalung, Kemaman, Terengganu.

Malaysian embassy''s minister counsellor and deputy chief of mission Lim Juay

Jin and China''s ambassador to Malaysia Chai Xi were invited to witness the

agreement-signing ceremony.

The first phase of the project involves an investment of 1.6 billion Yuan,

with an annual production capacity of 700,000 tonnes which will be increased to

1.5 million tonnes subsequently, according to HTVB chairman Tan Sri Alwi Jantan.

The plant project is expected to be completed by 2013.

"The timing is perfect as the cooperation immediately follows the exchange

of visits between the Malaysian prime minister and Chinese premier," said Alwi

at the ceremony.



Alwi hoped it would encourage more inflow of foreign direct investment (FDI)

into Malaysia as well as domestic investment into the steel downstream industry,

following the setting up of the integrated steel mill in Terengganu.

He said the project would also boost the development of the steel industry

in Terengganu and would have the potential to develop the state into a regional

steel hub.

Under the contract, HTVB’s 55 per cent-owned subsidiary, Eastern Steel, will

develop, engineer, construct, control, finance, own and operate the plant, while

Shougang International will construct the plant.

Established in 1987, with six factories and warehouses occupying 65 acres of

land, HTVB is the first and only manufacturer in Malaysia that can produce

hollow sections with 18-inch diameter and up to 16mm-wall thickness using the

latest ERW technology.

Shougang International which was established in 1992, represents its parent

company, Shougang Group, to conduct overseas investment including import and

export business, contracting overseas projects, international economic and

technological cooperation, real estate development, hotel and apartment

management, logistics, estate management and domestic trade.



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