It was reported that due to the uncertainty that COVID-19 epidemic brought to the current steel market, Malaysia’s Ann Joo Resources Bhd (AJRB) and Southern Steel Bhd (SSB) has reached an agreement to terminate their joint venture plan that was agreed by both companies last year in order to expand their long product business.

As understood that AJRB’s current billet production capacity was 820,000 tons, while SSB's billet production capacity was 1.4 million tons.

The joint venture plan was originally planned to merge the long product manufacturing operations of the two companies into a new associate company.

AJRB would be holding 55% of the shares, while SSB would hold the remaining 45% of the shares. However, due to the uncertainties in the market, the joint venture project was forced to terminate.