According to foreign media reports, due to the uncertainty brought by covid-19 to the current steel market, Ann Joo resources Bhd and South steel reached an agreement to terminate the joint venture plan drawn up by the two companies last year.

The joint venture plan was previously 55% owned by Anyu resources, while NANDA steel will hold the remaining 45%. The two companies planned to merge their long material manufacturing business into a new joint venture, aiming to play a synergistic role in the long material manufacturing business. At present, the joint venture plan will also face termination due to many uncertainties in the market.