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April 5, 2008

Lion to spend $1.3bn to boost capacity

Malaysian property-to-retailing firm Lion Diversified will spend up to 4.2 billion ringgit ($1.32 billion) on an iron manufacturing complex and a mill to boost its steel-making capacity, Reuters quoted the firm’s a top official as saying Friday.

"With the completion of these projects, we will be able to produce high grade and clean steel as well as special steel," Chief Executive Officer William Cheng said in a statement.

He said the new projects will boost the group's steel making capacity to more than 8.2 million tonnes and make it one of the biggest steel producers in Southeast Asia.

The company plans to set up a 2 billion ringgit iron manufacturing plant complex in the central Malaysian state of Selangor, which includes a blast furnace, coke oven, sinter and pellet plants and port jetty facilities. The facilities are expected to be operational from July 2009.

It also plans to invest up to 1.8 billion ringgit on a mill to make plates and install a 400 million ringgit power plant, which will run on waste gas from the iron making complex.

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