KUALA LUMPUR (Oct 6): Lion Industries Corp Bhd (KL:LIONIND) plans to revitalise its steel business by, among others, seeking strategic partners for two of its Amsteel Mills plants to bring in new processes amid challenging times.
“We wish to stress that the steel business is still very much the core business of Lion Industries Corporation Bhd and have no plans to shut Amsteel Mills other than for upgrading purposes,” it said in a filing with Bursa Malaysia in response to an article published in The Edge Weekly (Oct 6-12, 2025 issue).
Lion Industries said it is planning to install new machinery and processes at the Bukit Raja mill, which has been in operation since 1978, to enhance efficiency and competitiveness. The group is also in talks with potential strategic partners to provide new technologies.
“This will make the plant more efficient and cost-competitive, and keep abreast with market conditions and demands,” it said.
As for the Banting plant, the group said it has been temporarily idled due to high operating costs, particularly following the hike in electricity tariffs that rendered operations uneconomical.
To revitalise operations, the group is exploring strategic partnerships to introduce new processes and products for the plant. An announcement will be made once a suitable partner has been secured, it added.
Lion Industries is principally involved in steel, property development, building materials and others.
The group’s share price closed at a two-month low of 17.5 sen — down 10.26% or two sen — on Monday, valuing it at RM122.49 million. Year to date, the stock is down 23.91%.