Wen An Iron and Steel Co., Ltd. of Hebei Xin Wu An Steel Group signed a contract with Metallurgical Corporation of China Ltd. to invest a steel project in Malaysia together.
Sarawak government of Malaysia has provided the two companies preferential policy like exemption from 10 -year corporate income taxes.
If the steel project is completed, the two companies could expand their market to new developing markets like south Asia, the Middle East and East Africa depending on the great geographic position in Malaysia and avoid the anti-dumping measures against China from the USA and EU.