[ANNOUNCEMENT] Masteel's revenue may hit RM1b this year

Company Name:MALAYSIA STEEL WORKS (KL) BHD
Stock Name :MASTEEL
Date Announced:26/11/2010


Reference is made to the article which appeared in The Edge Financial Daily ("TEFD"), on Thursday, 25 November 2010 on the subject matter.Masteel would like to clarify that the revenue may hit RM 1 billion for the financial year ending 31st December, 2010 was an internal management forecast, barring any unforseen circumstances. Dato' Sri Tai Hean Leng, Managing Director/Chief Executive Officer ("MD/CEO") further informed that the Company has planned to invest approximately RM 100 million in various capital expenditure ie.to build a new steel mill; expand its rolling mill to 500,000 metric tonnes per annum (mtpa) from 350,000 mtpa as well as to increase the billet capacity from 450,000 mtpa to 650,000 mtpa by 2012,in order to meet the anticipated increase in steel demand under the various infrastructure and development projects announced under the various government initiatives.This announcement is dated 26 November 2010.