Masteel wishes to announce that Steel Dynamics (M) Sdn Bhd (“Steel Dynamics”), a wholly-owned subsidiary of Masteel has on 29 July 2011 submitted application to the Companies Commission of Malaysia (“CCM”) for the striking-off of the name of Steel Dynamics from the register pursuant to Section 308 of the Companies Act, 1965.
 

 2. INFORMATION OF STEEL DYNAMICS

The current authorised share capital of Steel Dynamics is RM100,000.00 comprising 100,000 Ordinary Shares of RM1.00 each. The issued and paid-up capital of Steel Dynamics is 2 Ordinary Shares of RM1.00 each.

Steel Dynamics is a private limited company and was incorporated in Kuala Lumpur, Malaysia under the Companies Act, 1965 on 6 May 2005.

Steel Dynamics had never commenced business since incorporation and has no intention to commence its business in the future. Thus, it is not cost effective to continue to maintain Steel Dynamics.

3. APPROVAL REQUIRED

The application for striking-off is at the sole discretion of the Registrar of Companies and is not subject to the approval of the shareholders of Masteel.

4. EFFECTS OF THE STRIKING-OFF
 
The striking-off of Steel Dynamics if approved by the CCM, will not have any operational impact and material financial effect on the net assets and earnings of Masteel for the financial year ending 31 December 2011.

5. STATEMENT BY BOARD OF DIRECTORS

The Board of Directors of the Company, having taken into consideration all aspects of the striking-off of Steel Dynamics, is of the opinion that the striking-off of Steel Dynamics is in the best interest of Masteel.

This announcement is dated 29 July 2011.