Spanish stainless steel producer Acerinox S.A. has announced that it has signed an agreement to transfer its subsidiary Bahru Stainless Sdn. Bhd. in Southeast Asia to Malaysia-based steelmaker Worldwide Stainless Sdn. Bhd for $95 million.
The company had announced back in May this year that it would discontinue the operations of its Bahru unit. The transaction is expected to be completed in late November this year.
Located in the Strait of Malacca, the Bahru unit is considered to be one of the most technologically advanced stainless steel plants in the region, with its production volume amounting to 77,181 mt of cold rolled stainless products in 2023.