Worldwide Stainless signs deal to acquire Bahru Stainless

Worldwide Stainless Sdn Bhd (WSSB), a major player in Malaysia’s stainless steel industry, has signed an agreement to acquire Bahru Stainless Sdn Bhd (BSSB), the country’s sole cold-rolled stainless steel producer, from Spain’s Acerinox S.A. for USD 95 million. The transaction is supported by AmBank (M) Bhd, which is financing 80% of the transaction. The acquisition, which is expected to be completed by the end of November 2024, aims to strengthen Malaysia’s position in the global stainless steel industry.

Under the leadership of WSSB’s CEO Danny Tan Wei Beoh, the company aims to relaunch BSSB’s operations and rehire approximately 90% of the laid-off employees, thereby restoring the expertise that has contributed to the plant’s strong reputation.

Despite the change in ownership, BSSB will retain its current name. By reviving BSSB, WSSB aims to re-enforce Malaysia’s important role in the global cold-rolled stainless steel supply chain.

Bernardo Velázquez, CEO of Acerinox, expressed his belief that BSSB will continue to thrive under the ownership of WSSB, underlining the strategic importance of this decision for employees, customers, and the local community.