KUALA LUMPUR (Nov 27): Lion Industries Corp Bhd (KL:LIONIND) has appointed Tan Sri William Cheng Heng Jem, 82, as executive chairman while retaining his role as managing director, the loss-making steelmaker said on Thursday.

The move follows the immediate resignation of Datuk Seri Utama Raja Nong Chik Raja Zainal Abidin, 72, as non-executive chairman. Raja Nong Chik, who served on the board for more than 12 years, said it was an appropriate time to step down to allow for board renewal and succession planning in line with good corporate governance practices.

Lion Industries narrowed its net loss for the third quarter ended Sept 30, 2025 (3QFY2025) to RM46.84 million from RM68.27 million a year earlier, supported by reduced losses at its steel division. Loss per share improved to 6.88 sen from 10.03 sen.

Quarterly revenue fell 18% to RM325.53 million from RM397.03 million in 3QFY2024, mainly due to lower sales of steel products and building materials.

The steel division recorded a smaller loss of RM35.89 million, compared with RM65.89 million a year earlier.

The group did not declare a dividend for the quarter under review.

For the nine months ended Sept 30, 2025 (9MFY2025), Lion Industries posted a lower net loss of RM130.22 million versus RM139.79 million a year earlier, while revenue declined 20.5% to RM982.8 million from RM1.24 billion in 9MFY2024.

The group said Malaysia’s steel sector is expected to remain challenging in the fourth quarter, citing persistent overcapacity, heightened competition and rising operating costs. It plans to improve efficiency through process optimisation and stricter cost controls.

Lion Industries’ shares closed unchanged at 15 sen on Thursday, valuing the group at RM107.5 million.