The International Finance Corporation (IFC) said it is considering providing up to US$80 million in financing to Singapore-based Green Esteel to support the modernization of its Eden Flame integrated steel plant in Malaysia. 

The proposed funding would be used to replace aging equipment, install a new electric arc furnace, upgrade rolling facilities, and provide additional working capital. The project also includes the construction of a new steelmaking and rolling complex equipped with continuous casting and comprehensive emission control systems, aimed at improving energy efficiency and operational performance. 

Once fully upgraded, the facility is expected to reach annual capacities of 600,000 tons of crude steel and 600,000 tons of rebar. 

Construction is scheduled to begin in early 2026, with commercial operations targeted for September 2026.