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Maegma project expected to reduce m'sia's reliance on - Hot Rolled Steel Sheet Manufacturer by dedwf wefweg
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Maegma project expected to reduce m'sia's reliance on - Hot Rolled Steel Sheet Manufacturer by DEDWF WEFWEG
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| Article Posted: 05/07/2013 |
| Article Views: 108 |
| Articles Written: 1942 - MORE ARTICLES FROM THIS AUTHOR |
| Word Count: 441 |
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Maegma project expected to reduce m'sia's reliance on - Hot Rolled Steel Sheet Manufacturer |
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Business,Business News,Business Opportunities
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Maegma Steel HRC Sdn Bhd s proposed RM4.5 billion hot roll coil(HRC) steel project in Tanjung Hantu near Lumut, Perak, aims tocater to the growing domestic demand and to help reduce Malaysia sdependence on steel imports. The facility will source its iron ore requirements from Vale SA siron-ore distribution centre in Lumut while Petroliam Nasional Bhd(Petronas) will supply the natural gas. Steel and hot roll coil in particular, is an essential part ofany country s economy, and Maegma s first phase capacity of threemillion tonnes per year will reduce Malaysia s dependence onimports to the value of more than RM6 billion per year alone, Maegma chief executive officer Uwe Ahrens said after Maegma signeda gas sales agreement with Petronas in Perak yesterday. Ahrens said the Maegma fully integrated facility project willrequire about 60 million metric British thermal units of naturalgas per day.
Maegma has obtained all relevant licences, permits and approvals,detailed engineering terms, drawings from equipment suppliers andcontractors and is ready to commence Phase 1 (a & b) of theproject to produce three million tonnes of HRC annually by 2017. The project s financial close is targeted for the fourth-quarterof 2012 (4Q12), with ground breaking set for the 2Q13 according toAhrens. Maegma intends to increase capacity to produce up to 10 milliontonnes of HRC by the end of Phase 3 of its proposed development in2027 with the financing then provided by the project s cashflowand gearing capacity projected to be strong enough to fund theexpansion. Malaysia consumed 1.7 million tonnes of HRC and 1.3 million tonnescold rolled coil (CRC) in 2009, and of this amount imports amountedto 0.8 million tonnes of HRC and 0.8 million tonnes of CRC,bringing the total import of flat steel sheets for the year to 1.6million tonnes. Maegma expects to commence operations of phase 1a in 2015 at aproduction capacity of 1.5 million tonnes a year by which timeMalaysia is expected to be importing 1.7 million tonnes of HRC and1.3 million tonnes of CRC.
Total production capacity is scheduled to rise to three milliontonnes by 2017 and then 6.5 million tonnes by 2022 under Phase 2 ofthe development plan. Total production capacity is expected to hit10 million tonnes a year circa 2027 according to Maegma s currentplan.
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