Hiap Teck is 28.57%-owned by David, better known as T S Law, who sits on the board as executive deputy chairman. With the planned expansion, contributions to Hiap Teck will be higher despite the lower stake,” he explains. With the RM3 billion investment, Wai Cheong expects Hiap Teck to see significant financial contribution from ESSB from 2023. With this, we can confidently expand and invest in the HRC steel plant, which is targeted to come onstream by 2023,” he reiterates. Overall, Wai Cheong says, the local steel industry still has a lot of potential and Hiap Teck’s outlook is extremely positive.

Source: The Edge Markets November 25, 2021 19:04 UTC