Intel's new production facility in Penang will be ready in early 2024.

GEORGETOWN: Intel Corporation's (Intel) ground breaking ceremony marks the construction of its new production facility as part of its US$7 billion (RM30 billion) expansion project at the Free Trade Zone Phase 3 of the Bayan Lepas Industrial Park.

The multi-phased expansion project consists of several buildings and is expected to begin production in early 2024. In his speech at the ground breaking ceremony, Chief Minister Chow Kon Yeow said Intel's RM30 million investments over the next 10 years would focus on the expansion of the renowned semiconductor's assembly test manufacturing and the build-out of die preparation capability with the addition of advanced packaging capabilities to Intel's operation in Malaysia. He said it is expected to create over 4,000 job opportunities.

(Dec 16): US chip giant Intel Corp's US$7 billion (RM30 billion) planned investment in Penang is expected to create over 4,000 jobs as well as over 5,000 construction jobs in the country, according to Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

Speaking at a press conference on Thursday (Dec 16), Azmin highlighted that the latest investment bolsters Malaysia’s role as a prominent site in Intel’s global manufacturing network. 

“This major investment, through subsidiary Intel Electronics (Malaysia) Sdn Bhd, augurs well for Malaysia’s National Investment Aspirations, which look to ensure Malaysia stays at the forefront as a global hub for quality investments while creating high-value jobs. 

“This investment is impactful not just in terms of enabling us to scale up the volume of production but also in terms of moving up the value chain of technology transfer and capacity building. 

Azmin (left) and Gelsinger at the press conference on Thursday (Dec 16). According to the Intel CEO, the investment will build a rich ecosystem in building up overall technology capabilities of the Malaysian market. (Photo by Mohd Suhaimi Mohamed Yusuf/The Edge). Since there is no more Covid 19 MCO and lockdown, there will be more construction activities and more demand for building materials including steel.

All the steel companies especially AYS, Leon Fuat and Prestar should report better profit for the quarter ending December which should be announced before the end of February. Currently all the 3 steel stock price charts are up trend as you can see below.

AYS price chart

Leon Fuat price chart

Prestar price chart