Malaysian steel group buys 8.7 per cent of Polaris Metals

Malaysian company Lion Diversified Holdings Berhad has paid $3.9 million for an 8.7 per cent stake in iron ore and goldexplorer Polaris Metals.

Lion Diversified Holdings is owned by The Lion Group, which operates steel mills in Malaysia and has business interests in China. The Lion Group operate the Amsteel Mills, which the company claims supplies one third of the Malaysia's demand for steel bars and wire rods while its HBI, which is an alternative to scrap, is mainly exported. The group also operates flat steel products at its Megasteel plant, which has a 2.5 million tonne per annum capacity.