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  • Writer's pictureAmmar, R. & Izzaty, N.

Perwaja Steel Plant - Kemaman's Broken Behemoth


Perwaja Steel plant in Kemaman

Accompanying music: Deep Purple ~ Smoke on the Water

Teluk Kalong is a small Mukim located in Kemaman, the southernmost district of Terengganu. Viewed from the main road, the stretch of land can appear uninteresting, lacking the scenic views that the coastal roads of the state are so famous for. A short distance beyond the monotonous acacia trees, however, lies a budding industrial zone, complete with its very own major seaport. Here, steel mills, chemical plants, and technical yards flock together, serving both local sectors and international clients. While the area is very much alive, dead in the center of this zone lies a gigantic relic of Malaysia's early push for industrialization.


This is our brief visit to the edges of Kemaman's infamous behemoth factory - the Perwaja Steel Plant.

Road towards Perwaja Steel plant in Kemaman

Teluk Kalong Industrial Estate.


Our first trip here was made in 2022, after our second visit to Dungun's historical Bukit Besi mining complex - which was around 80 kilometers away. The scenery abruptly changed from foresty hills of Terengganu's hinterlands to impressive sights of oil tanks and chrome pipes. Many of the businesses here in the "Teluk Kalong Industrial Estate" are in fact related to the oil and gas (O&G) industry, some involved in the production of petrochemical products, and others providing services for marine oil exploration & production.

Map of Perwaja Steel in Terengganu

Perwaja Steel plant from Kuala Terengganu. The nearest town is Chukai, Kemaman's capital.

Road junction towards Perwaja Steel

Junction towards the port terminals and Perwaja.


Kemaman Seaport

Kemaman Port was originally developed in the late 1970s for the emerging petroleum industry. The medium-sized harbor is made up of several separate major terminals, with each serving different channels. The East Wharf, being one of the earliest constructed, was originally designed to handle Dry and Break Bulk cargo. The West Wharf, on the opposite end of the basin, was constructed later in year 2000 to accommodate further development in the district.

Map of Perwaja Steel in Kemaman port

Kemaman Port terminals and Teluk Kalong Industrial Estate, with Perwaja in the center.

Kemaman port West Wharf near Perwaja Steel

The semi-submersible 'hotel'; Floatel Triumph, docked on West Wharf.

West Wharf near Perwaja Steel

Checkpoint before entering the West Wharf. Marine services for vessels include pilotage, towing, mooring, and berthing.

East Wharf near Perwaja Steel

East Wharf from afar. A mooring dolphin can be seen on the far right. The port offers unloading services via cranes as well as manual stevedoring.


In the middle of these two terminals is the Kemaman Supply Base (KSB) berth, a station for the largest integrated O&G supply base in Malaysia. Here, marine vessels (including off-shore rigs and floating storage / offloading ships) conduct repairs, bunkering, maintenance, and other services related to offshore petroleum production and production.

Kemaman Supply Base entrance near Perwaja Steel

Kemaman Supply Base entrance.

Kemaman Supply Base storage yard near Perwaja Steel

Concrete base storage yard under KSB.


A bit lower towards Tanjung Sulong (a small cape on the southwest side of the bay) is the Liquid Chemical Berth (LCB). This terminal handles wet bulk from vessels via loading arms and a network of pipelines. Directly beside this station is Tanjung Sulong Export Terminal (TSET) - a liquified petroleum gas (LPG) dock owned by Petronas Gas Berhad. These two chemical terminals share the turning basin with the other berths and finger jetties, all safely shielded from the rough seas behind two breakwater structures.

Petronas port near Perwaja Steel

LCB pipes running from the loading piers.

Pipelines near Perwaja Steel

Pipes running overhead.

Tanjung Sulong Export Terminal by Petronas near Perwaja Steel

Tanjung Sulong Export Terminal's LPG storage area.


Perwaja Terengganu

As our car buzzed about in the port area, we finally decided to address the 'white elephant' in the room. It was visually telling from any open clearing here that at least one of these terminals was somehow historically connected to the giant shadowy figures perched a few hundred meters away from the seafront. These rustic buildings, looming over all the surrounding plants and facilities, were once part of a massive industrial operation that made Teluk Kalong the fiery heart of the district.

Perwaja Steel ruins from a distance

A mountain of crumbling steel.


Back in the mid-1900s, Malaysia was still a very young nation, chugging steadily in the new age of relative peace and freedom from colonial powers. The country's economic growth increased in momentum between the 1960s and the late 1970s, in line with the so-called 'Asian Tiger' countries of East Asia. In this exciting climate, then-newly-elected Prime Minister Dr. Mahathir Mohamed had big plans for the nation. Inspired by Japan's success and the energetic rise of South Korea, Mahathir was eager to rapidly industrialize Malaysia into a fully developed economy. To reach this vision, he saw that a dependable and cheap supply of steel had to be available - giving impetus to the idea of forming a mega production plant in Malaysia's very own backyard.

Perwaja Steel iconic signboard

A large billboard in front of the plant.


The basic idea behind the project was to create an integrated steel production complex, complete with raw iron processing facilities and a full-scale steel casting mill. This steel plant was then to mass-produce crude / semi-finished long steel products. The operation would then emerge as a strategic upstream steel producer, supplying to mid & downstream manufacturers all over the country, and also exporting to international customers.


To ensure seamless reception of iron ore, the plant was to be located near a deep seaport. The Kemaman Port (then also known as Tanjung Berhala Port) was selected for the plant's site, as it was already being developed for a petroleum base. Its 18-meter-deep basin could accommodate vessels with a maximum draught (water level to bottom hull depth) of up to 16.4 meters - among the deepest port basins in the region. This factor, combined with adequate space provided by the turning basin, would enable cape-sized bulkers to dock very near to the plant.

East Wharf entrance near Perwaja Steel

East Wharf, one of the earliest major terminals in Kemaman Port.


Steelmaking was (and still is!) an extremely capital-heavy business. Being a cyclic industry by nature, steel commodity production is also known for its painful price fluctuations. Due to this, the private sector was slow to initiate any major ventures in this sector. Local producers were small and mostly relied on imported steel scraps for smelting production. This was despite the fact that Malaysia's economy had high steel demand for construction projects and other developments. The government was also in the midst of introducing another brainchild of Mahathir; Perusahaan Otomobil Nasional (Proton). This national car project was forecasted to generate demand for steel auto parts, another compelling reason for Malaysia to have its own highly functioning local steel industry.


With all this ongoing and future development, Perwaja Terengganu Sdn Bhd was eagerly set up in 1982 - the very same year Proton was green-lit by the Malaysian cabinet. Perwaja Terengganu was incorporated with a capital investment of around RM1.2 billion, with a big portion of the fund financed by the Export-Import Bank of Japan. The company was structured as a joint venture between the state-owned Heavy Industries Corporation of Malaysia Berhad (HICOM) (51%), Japanese company Nippon Steel (30%), and the Terengganu State Government (19%). It's worth noting that HICOM was also to become the biggest stakeholder in the upcoming Proton project, indicating a larger plan for cross-industry integration. With this arrangement, an integrated steel processing plant was built in Kemaman, Terengganu.

Pipeline near Perwaja Steel

Conveyor belts used to run parallel to these pipes until the East Wharf, connecting the plant directly to the berth.


An aspect of Perwaja's plant that made it stand out was the use of 'direct reduction' in processing iron ore, a technology that was still commercially novel at the time. This method enables the ore to be heated just below the melting point - in the presence of special 'reduction gases', effectively deoxygenating the iron oxide (iron ore), and transforming it into a low-carbon type of metallic iron; called Direct Reduced Iron (DRI). Nicknamed 'sponge iron' for its porous nature, DRI is known to be more consistent in chemical composition and easier to melt in the following casting stage compared to 'pig iron' produced via conventional blast furnace smelting.


After the reduction process, the DRI produced could then be lumped together with scrap metal in electric arc furnaces, creating a mix of molten metal. The material is then moved via transfer ladles to casting machines to form crude steel products. This chain of work is commonly referred to as the Direct Reduction - Electric Furnace (DR-EF) process.


Mahathir's famous "Look East Policy", also announced in 1982, generated an influx of Japanese business involvement in government projects. In the case of Perwaja, the giant Japanese steel producer Nippon Steel provided a turnkey integrated plant, complete with a newly developed direct reduction process patented by the company; the HBI NSSC-DR process. In this type of direct reduction method, DRI is compacted into briquettes, making transportation and handling easier. The plant came along with a reactor tower, water recycling plant, dedicated power station, DRI shed, iron ore and steel product storage yards, and a steel mill equipped with electric arc furnaces. Benefitting from local resources, the furnaces were powered by natural gas via the PGU I pipeline, connecting Perwaja to Petronas' gas processing plant (GPP 1) in Kertih, around 40 kilometers away. With this setup, Perwaja had the capacity of producing 600,000 tonnes of reduced iron per year.

Perwaja Steel reactor tower

The signature Perwaja reactor tower where oxygen was 'burned off' from iron ore, creating feedstock for the plant's steel mill. The building was tall enough to be seen from all angles around the bay.


With such a bleeding-edge setup, Perwaja was poised to become Mahathir's showcase project in displaying Malaysia's readiness to innovate and take on the modern industries ahead. Perwaja's Kemaman plant was to supply long steel products - blooms, billets, and beam-blanks, for the hungry local market. It had all the best ingredients handed to it on a silver plate; solid government support, near-guarantee of market share (due to little competition within the country and purchasing control measures), high import taxes for outside competitors, a strong supply of local gas fuel, lavish funding, and even an equally sheltered national car industry waiting on the horizon.


It wasn't until the plant's commissioning in 1985 that the first cracks started to surface.

Perwaja Steel gated entrance with reactor tower in the background

Gate 2. A billet storage yard, hidden by the trees, sits between the entrance and the reactor plant (background).


The first issue was technical - it was discovered that the HBI DR system could not reach the required standards of production. The brand-new process was in fact never tested in a fully commercial plant before its debut in Malaysia. Nippon ended up paying back RM500 million in compensation only a couple of years after the commissioning of their plant. With the untimely failure of the direct reduction system, Perwaja had to resort to solely using scrap steel for casting. As these were not readily available in large quantities within Malaysia, the plant had to import much of the material from outside of the country, adding to the cost of production. The global economy also slowed down due to the early 1980s recession, reducing the demand for the already-declining steel prices.


This situation was then exacerbated by Japan's signing of the Plaza Accords in 1985, which rose the value of the Japanese yen. This unfortunate development introduced terrible strain on Perwaja's yen-denominated borrowings. 1986's records show Perwaja going in the red, recording losses of up to RM131 million. Nippon eventually pulled out of the venture, leaving its plant intact.


By 1988, total accumulated losses and debts ballooned to over RM1 billion. Perwaja, with all its economic protection and state-of-the-art setup, appeared to be on the verge of collapse. In a swift series of moves, Mahathir decided to clean the slate. The company was restructured, its HICOM management removed and the agency's shares were divested. The reigns were subsequently given to the Ministry of Finance, then headed by Daim Zainuddin.

Perwaja Steel iron stockpile

Stockpile yards around the plant had the capacity of storing 400,000 tonnes of iron ore.


Perwaja Steel - Enter Eric Chia

To turn around Perwaja, Mahathir hand-picked entrepreneur Eric Chia in 1988 to become its new Managing Director. The son of United Motor Works (UMW) founder Yee Soh Chia, Eric was already a successful businessman at the time of the appointment, having grown his family business from a small repair shop in Singapore into a public-listed company in 1970. He was also one of the board members of HICOM, as well as the man tasked a few years earlier to set up Edaran Otomobil Nasional (EON) - the sole distributor of the newly minted Proton cars.


After studying the plant for a period of time, Eric came in blazing with reforms.


Known as 'Mr. Fixit', Eric was often called in as a troubleshooter for corporate projects. In the case of Perwaja, he initiated restructuring exercises, waste reduction measures, introduced a merit-based system, and increased pay scales. Staff morale rose, and production was boosted. The plant was transferred to a new entity; Perwaja Steel Sdn Bhd, leaving its debts with the previous company. Opting to maintain the solid-state direct reduction method of production, Eric then revamped the failed Nippon DR system in 1993 to fit in a new type of direct reduction process; HYL III.

Perwaja Steel main entrance

Entrance leading to the melt shop, still guarded by security personnel.


Created by the Mexican company Hijolata y Lamina S.A. (Hylsa), the HYL method was increasingly utilized by many steel plants around the world at the time. This new fitting work was done via an agreement with the consortium Man-JHH-HYL-Ferrostaal, signed in 1990. Perwaja's shaft furnace was replaced with two moving-bed reactors, addition of new CO2 scrubbers, compressors, and partial combustion unit (PCU) equipment for reforming natural gas into Hydrogen and Carbon Monoxide reducing gases, among others. Aside from changes on the reactor plant, additional arc furnaces and casting machines were also added to its steel casting mill. By this time, Perwaja had doubled its previous production capacity and its records showed up to RM40 million in accounting profits, silencing critics of the government's aggressive flagship project.

Perwaja Steel training center

Training center beside the entrance gate.


Billions of fresh leverage from local and international institutions were obtained, including Bank Bumiputra Malaysia, Employees Provident Fund, Industrial Bank of Japan, and Arab Malaysian Bank, to name a few. A new RM400 million plant complex was then constructed in Gurun, Kedah. The downstream mill was established to further work on the crude steel produced by Kemaman's plant into fully processed steel products, such as round bars and wire rods (plus section and beams, a few years later). The decision to construct the plant in Kedah was met with critical confusion from many observers - as this meant that products in Kemaman would have to be transported over 500 kilometers by land to the next stop. Nevertheless, with rising production and promising profits, it seemed like Perwaja was indeed 'fixed'.


Then in 1995, Eric Chia abruptly resigned from his leading post. Shortly after, a number of reports unfolded what was to become one of the nation's biggest financial scandals to date.

Perwaja Steel melting plant

Huge primary and secondary fume extraction ducts snaking down from the dilapidated steel melting plant.


Behind the scene, Perwaja was actually bleeding massive amounts of money, and the glowing reports on earnings for so many years before turned out to be a mirage. An external audit report on its records as of December 1995 by Price Waterhouse revealed actual accumulated losses amounting to RM2.985 billion, and current & long-term liabilities adding up to more than RM6.9 billion. Instead of making money, this new management was actually sinking under nearly tenfold the accumulated losses and liabilities that its predecessor did seven years ago.


The case erupted during a period of brewing conflict between Mahathir and his then-Deputy Prime Minister Anwar Ibrahim. Helming the Finance Minister's portfolio, Anwar was also in charge of Finance Ministry Inc, which held a majority share for Perwaja at the time. Contents of the report were disclosed by Anwar in the Malaysian Parliament in May 1996, bringing the troubled plant under national scrutiny. In response, the Anti-Corruption Agency (ACA) proceeded to open an investigation case on Perwaja.

Perwaja Steel smelting mill in the distance

Another set of extraction pipes, connected to the mill's rooftop canopies. In the midground is Perwaja's electrical substation.


Besides revealing the shocking losses, the external audit document also alleged numerous issues plaguing Perwaja's financial management - corroborating an internal report made earlier by the replacing management team. The findings highlighted expenditures and projects going through without due procedure and approval by the board, especially pointing to RM957 million worth of contracts directly awarded to associates allegedly close to the director. Other questionable arrangements were also looked into, including 25 cleaning and maintenance contracts totaling RM292 million, RM575 million worth of construction projects, and over RM18 million expense for legal services. The reports further alleged multiple financial irregularities taking place in the company; millions of ringgit paid to purportedly inexistent foreign companies, possible fund misappropriation and suspected fictitious purchases of spare parts. On top of these, the company was also said to have been purchasing overpriced ore from overseas, which contributed to the cost of production being higher than generated revenue.


Ultimately, these reports declared that Perwaja was insolvent.


As the company was heavily leveraged by numerous local institutions, letting the Perwaja fall could have led to a banking crisis. To avoid further chaos, the government took charge of the majority of Perwaja's debts and liabilities, guaranteeing payment to creditors in several stages. The company was then partially privatized to Maju Holdings, a company owned by well-connected businessman Abu Sahid Mohamed via an agreement worth over RM1.1 billion.

Perwaja Steel plant pipes

Dust collection system. The chimney at the back connected to a smaller baghouse and a separate secondary exhaust network.


Maju & Kinsteel

Before the acquisition deal was finalized, Abu Sahid had to manage Perwaja on behalf of the government - which still retained a portion of the company's shares. He was tasked to ensemble a set of partners in the hope of bringing the plant back to its full potential. Discussions with local steel players Lion Group and Wing Tiek didn't work out, and the ailing plant continued to perform poorly. In 2006, Kinsteel Bhd finally came into the picture, three years after Maju completed its acquisition deal. The downstream steel manufacturing company, controlled by father-and-son Pheng Yin Huah and Henry Pheng Chin Guan, bought over 51% of the company's shares.


At the time, Perwaja's Kemaman melt shop was equipped with two 80-tonne DC & three 75-tonne AC electric arc furnaces, ladle furnaces, billet & bloom continuous casting machines and a complete system of overhead cranes. The reactor was also still in good shape. In total, Perwaja was able to annually produce 1.5 million and 1.3 million tonnes of DRI and semi-finished steel products respectively.

Perwaja Steel facilities

Filter plants (foreground) and furnace slag yard (background).


Starting from 2006, operations actually made real progress. Strong demand from China, a booming global economy, and rising steel prices made the operation profitable. Under Maju and Kinsteel, Perwaja grew to become among the top five of Malaysia's steel producers. Perwaja Steel Sdn Bhd was made into a subsidiary of Perwaja Holdings Bhd, which went public in 2008. Due to the surprisingly optimistic turn, many started to speculate the company developing into the biggest upstream steel producer in Malaysia.


This rising enthusiasm was suddenly crushed mere months later when the United States subprime crisis hit the global market.


Demand for steel plummeted, the sharp fall of steel prices followed suit, and the company was dragged down together with the whole industry. In the following years, steel producers were furthermore hit with waves of cheap steel being dumped from China and Eastern Europe. Again drifting in dire straits, the plant limped through years under partial capacity with the hope of weathering through the poor economic climate.

Perwaja Steel plant with reactor tower in the background

A different angle of the reactor tower.

The plant never fully recovered from the 2008 economic crisis.


Still not giving up, Perwaja went on beyond 2010 still looking for ways to continue the business. To reduce costs, the company attempted to minimize its dependency on foreign iron ore pellets via an agreement with China-based Sinosteel MEC. Signed in 2012, the RM200 million deal included the construction of concentration and pelletizing facilities in the vicinity of its current Kemaman plant. Around the same time, the company also received concessions from the Terengganu state government to work on the nearby iron-rich Bukit Besi, which could allow the plant to produce pellets straight from local sources. The accessory complex was supposed to be in full operation by the end of the following year, a hopeful target for paving Perwaja's way back into profitability.

Perwaja Steel melting plant collapsed

Steel melting plant with collapsed roof panels.


The hammer unfortunately struck in August 2013. The plant's electricity and gas supply was cut off due to unpaid bills - which amounted to more than RM176 million to TNB and RM275 million to Petronas. Production immediately ceased, and the company lapsed into Practice Note 17 (PN17) status by Bursa Malaysia - indicating its financial distress. Around 1,500 workers were retrenched and the plant was unceremoniously shut down.


In 2015, Perwaja's valuation dropped to a paltry RM44.8 million from RM722.4 million in 2009. Its accumulated losses reached RM1.89 billion at the group level, and its debts at RM2.2 billion. Both Kinsteel and Maju Holdings also saw a huge chunk of their market value wiped off from the failure - another batch of casualties for the infamous steel plant.

Perwaja Steel abandoned facility

Concentration plant. The author was not able to confirm on whether the second phase of the pelletizing plant was completed or abandoned.


Since the closure, Perwaja's name had popped up now and then for dealings on remaining claims and compensations from creditors, institutions, and even workers. A widely anticipated move to bring in over RM1.8 billion of Chinese investment through Tianjin Zhi Yuan ended up falling through in 2017. In the same year, Perwaja was finally delisted from Bursa Malaysia - its share price falling from RM2.90 on its initial public offering to a mere 7 cents during its departure.

Lion Plate Mills near Perwaja Steel

The nearby Lion Plate Mills (background). The large plant was once owned by Gunawan Iron & Steel Mill; another failed steel production project in the industrial estate.


During our last visit to Kemaman in 2023, we noticed that the plant was undergoing some sort of scrapping process, evident by loud echoes of crashing metals and sights of excavators roving about in its compound. Many of the sections that we saw before were gone, including the main reactor tower. News articles made mention of a deal involving a new company taking over the current mills for a new operation, which should start sometime next year. While this is taking place, Kemaman Port and the surrounding estate continue on with its commercial activities and role as a secondary port on the East Coast. The seaport facilities may even be looking at future expansion very soon to accommodate forecasts of higher shipping traffic.

Eastern Steel near Perwaja Steel

Eastern Steel, a big presence in the surrounding area.


Perwaja remains to be an important case study on Malaysia's sometimes-convoluted corporate and political history. Affairs related to the case have been widely criticized for being suspiciously opaque, considering the alleged involvement of political and corporate elites. Eric Chia's widely publicized arrest in 2004 and his subsequent acquittal in 2007 marked an anti-climatic 'end' to the years-long investigation made on the company.


With what's left of the steel giant in Kemaman, one can still hope that the fiasco opened many eyes to the crucial role of good governance and public accountability, including for projects declared to be critical for the national interest. The mountains of ringgits lost in between - somewhere around RM15 billion, by some estimates - should be a clear enough lesson for taxpayers, businesses, and the powers that be.


***

Pantai Marina in Telaga Simpul near Perwaja Steel

Sungai Kemaman river mouth, viewed from Pantai Marina, Telaga Simpul.


Author's caution: The property is privately owned. Trespassing is dangerous and heavily discouraged.

Author's disclaimer: All photos were taken from public roads around the site.


Notes:

*Eric Chia's arrest and acquittal:

Tan Sri Eric Chia was arrested in 2004 on charges of criminal breach of trust related to the transfer of RM76.4 million to a 'non-existent' company in Hong Kong; Frilsham Enterprises. The arrest was made during the tenure of Abdullah Ahmad Badawi, a few months after Mahathir stepped down as both the Prime Minister and UMNO President. Eric was subsequently acquitted by the courts in 2007. The prosecution was cited to have failed to establish a prima facie case against the defendant, including not being able to call forward two material witnesses. Eric passed away from a heart attack a year later at the age of 74.

References/Further reading:

Mahathir's perspective on Perwaja: A Doctor in the House: The Memoirs of Tun Dr Mahathir Mohamad (Mahathir Mohamad, 2011) - MPH

Direct Reduction process overview: The Making, Shaping and Treating of Steel, 11th ed. - Ironmaking Volume (D. H. Wakelin, 1999) - The AISE Steel Foundation

Steel plant processes: Best Available Techniques Guidance Document on Iron & Steel Industry (N.A.) - Malaysian Department of Environment

Government protection on Perwaja venture: Steel Industry Annual Report: On Competitive Conditions in the Steel Industry and Industrial Efforts to Adjust and Modernize (1991) - United States International Trade Commission

Steel industry protection policies and steel dumping: Newsbreak: Policy revisions a boon for steel industry (18/1/2021) - The Edge

Japanese investment in Malaysia: The Look East Policy: Its Impacts in Promoting Japanese Management Techniques to Manufacturing Firms in Malaysia (Frank Kiong, 2000) - PhD Thesis - University of Sterling

Perwaja study: Perwaja (June M.L. Poon & Chui Yan-Yap, 2010) - North American Case Research Association Annual Meeting

Study on Perwaja's management issues: Personalization of power, neoliberalism and the production of corruption (Amal Hayati Ahmad Khair, Roszaini Haniffa, Mohammad Hudaib & Mohamad Nazri Abd. Karim, 2015) - University of Glasgow

Corporate governance & financial study: Corporate Governance Failure and Its Impact on Financial Reporting Within Selected Companies (Norlia Mat Norwani, Zam Zuriyati Mohamad & Ibrahim Tamby Check, 2011) - International Journal of Business and Social Science

Critical view of Mahathir's political career: Malaysian Maverick: Mahathir Mohamad in Turbulent Times (Barry Wain, 2009) - Critical Studies of the Asia Pacific

Critical view of Malaysia's industrial development: How Asia Works: Success and Failure in the World's Most Dynamic Region (Joe Studwell, 2013) - Grove Press

Kemaman steel mill equipment details: Flexible billet casting at Perwaja Steel (Wan Mohd Zain Wan Ismail & Beat Missbach, 1992) - Steel Times International

Kemaman steel mill equipment details: DC EAFs with high DRI feeding rates through multipoint injection (2005) - Metallurgical Plant and Technology International

Gurun steel mill equipment details: Perfect Channel (2010) - Steel:My, Malaysian Structural Steel Association

Perwaja staff interviews: Developing Individuals for Developing Learning-Based Systems (Mohamad Hisyam Selamat, 2005) - PhD Thesis - Brunel University

Eric Chia and HICOM: Driving a Bargain: Automobile Industralization and Japanese Firms in Southeast Asia (Richard F. Doner, 1991) - University of California Press

EON history with Eric Chia: Annual Report (2004) - Edaran Otomobil Nasional

Consortium agreement and Perwaja profits: Usah ulangi kegagalan: PM (Mutazar Abdul Ghani, 19/9/1990) - Berita Harian

Perwaja brought into parliament: Perwaja Steel may still see rescue despite big losses (22/5/1996) - Bernama

Police report: Anwar lodges police report on Perwaja case, linking Mahathir (21/7/1999) - Bernama

ACA Investigation and Auditor Report: Perwaja: BPR sukar kumpul maklumat (24/6/1997) - Berita Harian

RM10 billion accumulated losses: Foreign help in Perwaja probe (Sarban Singh, 14/12/2002) - New Straits Times

Government bailout: Maju yakin masa depan cerah bagi Perwaja Steel (2/1/1997) - Bernama

Government bailout: Outrage as Perwaja reported posted another RM800 million loss (Yun Szu-Mae, 4/5/2001) - Malaysiakini

Maju dealings after 1996: A turnaround plant for beleaguered steel maker (22/9/2013) - The Edge

Maju Holdings & Kinsteel, rise and fall: Case study: A stainless future for Perwaja (Liew Jia Teng, 30/4/2015) - The Edge

Optimistic outlook for Perwaja: Perwaja to be the largest upstream steel miller (Hanim Adnan, 28/7/2008) - The Star

Pelletizing plant by Sinosteel: Perwaja to build concentration and pelletising plant for RM201.54m (25/10/2010) - The Edge

Bukit Besi concession award and plans for pelletizing plant: 2011 Minerals Yearbook: Malaysia (2013) - United States Geological Survey

Petronas gas supply: Case Study of "Value Based Management (VBM) in Petronas Gas" (Zainal Abidin Mohammed, 1997) - Universiti Putra Malaysia

Petronas gas supply outstanding & settlement: Perwaja reaches deal with creditor Petronas (31/3/2017) - The Malaysian Reserve

TNB electricity supply outstanding & settlement: Perwaja, TNB agree on debt settlement (31/3/2017) - The Malaysian Reserve

Chinese investment plans: China's Tianjin Zhiyuan to inject RM1.8b into Perwaja (Leong Hung Yee, 15/7/2015) - The Star

Chinese investment failure: Perwaja stuck in a stalemate (18/2/2017)

Eric Chia arrest & trial: Eric Chia claims trial over RM76m CBT charge (Raphael Wong, 11/2/2004) - The Star

Eric Chia CBT acquittal: Eric Chia acquitted of CBT (Raphael Wong, 27/6/2007) - The Star

Workers receive compensation: Former Perwaja Steel workers receive compensation of over RM8.6m (24/4/2022) - Malay Mail

Perwaja total amount of losses estimated RM15 billion: Company's chequered corporate past (Gurmeet Kaur, 25/7/2015) - The Star

Gunawan steel mill: Proceedings of the Workshop on Steel Trade and Adjustment Issues (1996) - Organisation for Economic Co-operation and Development

Lion Plate Mills taking over Gunawan mill, Maju Holdings taking over Perwaja: Developments in Steelmaking Capacity in Non-OECD Economies (2013) - Organisation for Economic Co-operation and Development

JXR Manufacturing and future Kemaman development: Pelabuhan Kemaman: Peruntukan jampir RM1 billion bagi mempertingkatkan keupayaan operasi (15/1/2022) - Berita RTM

Kemaman Port details and future development: Unfolding States' Business Potential (2022) - MIDA

EPIC Group Website: www.epicgroup.com.my

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