Acerinox, a stainless steel manufacturer based in Spain, has inked an agreement with Worldwide Stainless, a company registered in Malaysia, to sell its Bahru Stainless Sdn Bhd in Johor Bahru, Malaysia for US$95 million.

The transaction is expected to be closed by the end of November 2024.

The sale is an important strategic decision designed to defend the interests of employees, customers, and the community, said Acerinox CEO Bernardo Velázquez Herreros.

Acerinox decided to discontinue the operation of Bahru Stainless in May last year after evaluation. The decision was made due to heavy losses suffered by the company caused by competition from Chinese manufacturers.