LION Industries Corp Bhd, controlled by tycoon Tan Sri William Cheng Heng Jem, is banking on a return to hot rolled coil (HRC) manufacturing to turn its fortunes around. The group, one of the country’s oldest steel makers, has been loss-making for the past two financial years amid intense competition and slowing market growth.
Last December, the group announced plans to restart production of HRC in the second quarter of 2021 with a production capacity of 2.5 million to 3 million tonnes a year.
“Our plans to restart the HRC plant is part of the group’s turnaround plans, which we expect to contribute positively to the results,” says a Lion Industries spokesman in an email response to The Edge.