Perwaja Steel will repay $83m to Petronas from August 2015

Petronas has reached an out-of-court settlement with Perwaja Steel, a unit of Perwaja Holdings, over debts the latter owed the state-owned oil and gas company, amounting to 275.8 million ringgit ($83 million).

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

Under the settlement deal, Petronas agreed to allow Perwaja Steel to pay the debt in monthly instalments starting from August 2015, it said on Friday February 21.

At the same time, Petronas said it has also agreed to supply dry gas to Perwaja Steel on an advance payment basis.

“Petronas would like to emphasise that the settlement agreement is a business decision to increase its potential of recovering the debt in full,” it said.

Perwaja Steel, one of Malaysia’s biggest integrated producers of primary steel products, including billet and bloom, confirmed to Steel First on January 10 that it had halted production to focus on restructuring its finances.

What to read next
Market participants are cautiously optimistic about a rebound in iron ore concentrate premiums, with steelmakers around the world set to ramp-up production in line with an anticipated increase in demand for steel products, Fastmarkets understands
General Motors (GM) is investing $650 million to develop the Thacker Pass mine in Nevada, the largest known source of lithium in the US and the third largest in the world
Electrolysis processes developed by Boston Metal and Electra that eliminate the need for coal in steel production could be key to a net-zero emissions future for the metallics industry, attendees learned at Fastmarkets’ conference on January 17-19 in Dallas
Low supply, strong demand to spur scrap prices higher in Feb, market says
US deep-sea ferrous export prices from the East Coast to Turkey have plateaued, with a Turkish mill purchasing a cargo at prices stable from the last-reported sale
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed