Posted on 03 Nov 2020
Malaysian steelmaker FIW Steel, formerly known as Federal Iron Works, plans to shut down the steelworks by the end of 2020, according to a notice to its employees seen by Kallanish. The flat steel producer did not explain the reason for the shutdown.
According to FIW Steel, its non-oxidizing furnace (NOF) continuous galvanizing line will stop operation by the end of November. This line is able to produce 250,000 tonnes/year of galvanized steel. In addition, the continuous colour-coating line with 70,000 t/y capacity will be closed by end-December.
FIW Steel was incorporated on 11 July 1960 as the first steel related manufacturer in Malaysia, in the form of a joint venture with investment from Japan and Singapore. It is 33.28% owned by Japan's Sumitomo Corporation, 32.6% by Singapore's Yew Lian Property and Investments and 27.84% by Amanahraya Trustees Berhad. Meanwhile, FIW is also a minority shareholder in Vietnamese producers Southern Steel Sheet Co. and Nippovina Co.
Source:Kallanish
