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24 May 2005

GAS SUPPLY AGREEMENT WITH GAS MALAYSIA SDN BHD

Contents :

The Board of Directors of Malaysia Steel Works (KL) Bhd (“MSW” or “the Company”) wishes to inform that the Company had entered into a Gas Supply Agreement with Gas Malaysia Sdn Bhd (Company No. 240409-T) for a contract period of 5 years to supply natural gas to its steel billets plant located at the Bukit Raja Industrial Estate, Klang, Selangor Darul Ehsan.

MSW forecasts a savings of approximately RM21 million spread over the 5 year period with the conversion of new source of energy from Liquefied Petroleum Gas (“LPG”) to natural gas. The earnings of the Company would also increase by approximately 10% per annum.

Directors’ and Major Shareholders’ Interest

None of the directors and/or major shareholders of MSW and/or persons connected to them have any interest, direct or indirect, in the abovementioned transaction.



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