Malaysian steelmaker Lion Industries Corp. plans to upgrade its steel mills to stay afloat amid challenging market conditions, the company said Oct. 15 in a statement to Platts, part of S&P Global Commodity Insights.

Lion Industries produces long steel products through its subsidiary Amsteel Mills, which owns two steel plants located in Klang and Banting in Selangor state. The Banting plant has been shut due to high electricity costs, although the company previously said it was exploring options to restart operations.

“We are looking to upgrade and install new machinery and processes in our steel mills and seeking strategic partners who can provide the new technologies and such processes,” Lion Industries said.

“This will make our mills more efficient and cost competitive and keep abreast with market conditions and demands.”

Lion Industries’ steel bars and wire rods are used in the construction, fabrication and manufacturing industries, the company said on its website.