MASTEEL, leading producer of high tensile steel bars & billets returns to profit in FYE2021.
|FYE 31 DEC 2021 REVENUE HITS A HIGH OF RM1.58 BILLION AND PRE-TAX PROFIT OF RM38.05 MILLION|
Malaysia Steel Works (KL) Bhd (Masteel) is a premier steel bar manufacturer which began operations in 1971. The manufacturing facilities are located in Petaling Jaya and Bukit Raja, Klang, Selangor. Masteel has a 48.25% owned associate company, Bio Molecular Industries Sdn Bhd (“Bio-M”), which is a strategic partnership between Masteel and Curium International S.A., a worldwide leader in radiopharmaceuticals.
Bio-M has own cyclotron and a dedicated radiochemistry lab for R&D in its facility and it is principally involved in producing radiopharmaceuticals for the diagnosis and management of cancer patients. Its radioisotopes manufacturing facility is located in Bandar Enstek, Negeri Sembilan. The main market for its radioisotopes are hospitals throughout Malaysia.
The Group’s financial performance had improved from a loss before tax of RM15.98 million in FYE2020 to a profit before tax of RM38.39 million in FYE2021 mainly due to global economic recovery post pandemic and higher selling prices of steel products with improved margin and enhanced production cost efficiency.
Dato’ Sri Tai Hean Leng, 58, helms the company as Managing Director/ Chief Executive Officer of Masteel. He obtained a Bachelor of Science degree in Mechanical Engineering from The University of Southern California in 1987 and a Master’s degree in Finance from the University of Hull, United Kingdom in 1993. He began his practical training in 1987 as a Plant Manager in the manufacturing of Liquefied Petroleum Gas (“LPG”) pressure vessels for the oil and gas industries. He has more than 30 years of experience in the iron and steel industry. Dato’ Sri Tai is a member of the board of the Malaysia Steel Institute (“MSI”) and he is the Vice President of the Malaysia Steel Association.
Dato' Sri Tai is also the major shareholder of Masteel with a beneficial interest of 31.41% in the issued shares of the company. The estate of Tai Chet Siang Deceased is also a beneficial shareholder.
- Malaysia Steel Works (KL) Bhd. https://www.masteel.com.my/about-2/brief-history-milestone/
- Malaysia Steel Works (KL) Bhd. Annual Report 2021. About us. Company History. https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=216739&name=EA_DS_ATTACHMENTS