BRC Asia
Incorporated in 1938 and listed on the Singapore Exchange (SGX) in December 1997, BRC Asia (SGX:BEC
) is a leading Pan-Asia prefabricated reinforcing steel solutions provider and offers a full suite of reinforcing steel products and services for the building and construction industry.
The company’s network of operations spans across Singapore, Malaysia, Australia, Thailand and China.
As indicated in its latest annual report, BRC Asia’s largest shareholder is Green Esteel, which has a 61.2% stake in the company. Green Esteel primarily trades iron ore and hot briquetted iron (HBI). In December 2025, OCBC’s Mezzanine Capital unit made an equity investment in Green Esteel’s low-carbon steel plant, described as the largest of its kind in Southeast Asia.
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The new plant, located in Sabah, Malaysia, is worth some US$1.5 billion and is expected to have an annual production capacity of 2.5 million tonnes, which can be used to produce approximately the same volume of low-carbon steel.
The next largest shareholder in BRC Asia is Hong Leong Asia (SGX:H22) , which paid $1.48 per share, or $68.1 million, to take a stake of around 21%. Hong Leong Asia is backed by the Kwek family, which controls various entities, including City Developments (SGX:C09) , CDL Hospitality Trusts (SGX:J85) , Hong Leong Finance (SGX:S41) and the less well-known HL Global Enterprises (SGX:AVX) .
In its most recent FY2025 ended Sept 30, 2025, results, BRC Asia recorded a revenue of $1.55 billion, up 5% y-o-y. The revenue gain was mainly driven by stronger project offtake, especially in the second half of FY2025. However, the gain was partially offset by lower selling prices due to falling steel prices during the period.
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Meanwhile, earnings rose just 1% y-o-y to $94.3 million, due to lower other income, higher distribution expenses and higher administrative expenses.
Looking ahead, BRC Asia sees the upcoming construction project pipeline offering multi-year growth opportunities for Singapore’s reinforcing steel sector, in which the company is an integral part. It has recently won contracts to supply projects, including Changi’s Terminal 5.
“Supported by our market leadership in the Singapore reinforcing steel sector and execution capabilities, we remain committed to fully participating in this ongoing upcycle and supporting our customers,” says Seah Kiin Peng, executive director and CEO of BRC Asia.
As part of its growth, the company has been on an acquisition spree over the past few years. In 2018, BRC Asia acquired rival Lee Metal for close to $200 million, followed by the purchase of a 19.9% stake in Angkasa Daehan Steel, a steel reinforcement company, for $16.1 million in April 2024.
A year later, BRC Asia acquired a 55% stake in Southern Steel Mesh Sdn. Bhd. for for RM61.05 million, or $19.4 million. Previously, Southern Steel Mesh is a wholly-owned subsidiary of Bursa-listed Southern Steel Berhad. The latest acquisition will allow BRC Asia to tap into regional markets and further diversify its revenue stream from just Singapore.
HG Metal
Founded in 1971 and listed on SGX in March 2002, HG Metal (SGX:BTG) is one of the established steel distributors and processors in the region. Through its three main business units — HG Distribution, HG Construction Steel, and HG Coupler & Thread — the company provides one-stop, end-to-end, customised solutions to its clientele base of more than 1,500.
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HG Metal shares the same controlling shareholder as BRC Asia: Green Esteel, which, as indicated in its latest annual report covering Jan 1, 2025 to Sept 30, 2025, holds a 52.6% stake. On Aug 6 2025, HG Metal announced a change in its financial year-end from Dec 31 to Sept 30, aligning it with BRC Asia.
The next largest HG Metal shareholder is Xiao Xia, the company’s executive director and CEO, who owns a 13% stake. She has over 20 years of experience in steel and commodity trading and before joining HG Metal, she was a commodities trader at Bright Point, a steel trading company.
According to its latest financial performance for FY2025, HG Metal’s revenue was down by 17% to $130.3 million compared to FY2024. The lower topline was primarily due to the shorter reporting period and the continued decline in steel prices, which affected the average selling price.
As a result of lower revenue, HG Metal’s earnings declined to $7.3 million, compared to $8.8 million in FY2024.
Looking ahead, HG Metal will focus on improving raw material procurement and closely monitor steel price fluctuations to adjust inventory management and pricing strategies dynamically.
It is also actively working to broaden its customer base, diversifying beyond current projects, which are mainly focused on MRT and infrastructure, into new projects such as Resorts World Sentosa.
On the corporate action front, following the conclusion of the mandatory general cash offer by its controlling shareholder, Green Esteel in January 2025, HG Metal has embarked on various growth initiatives.
In December 2025, the company announced the $5.68 million subscription of Class B Preference Shares in Eden Flame, a Johor-based steel manufacturer. These shares are convertible into ordinary shares and will represent approximately 4.4% of Eden Flames’ enlarged share capital following completion.
Eden Flames’ plant in Pasir Gudang produces low-carbon electric arc furnace steel and has an estimated annual production capacity of approximately 500,000 metric tonnes. HG Metal explains that this subscription is part of its broader strategic initiative to strengthen the company’s supply chain position in the regional steel market and support the transition towards low-carbon steel solutions.
At the same time, HG Metal also announced the acquisition of an industrial property at 47 Tuas View Circuit for $20.8 million, to support future growth and enhance operational efficiency.
Nam Lee Pressed Metal
Nam Lee Pressed Metal (SGX:G0I) has been in the metal fabrication business since the 1950s. The company started as a sole proprietorship founded by the late Yong Kwong Fae.
Subsequently, his three sons, mainly Yong Koon Chin, Yong Kin Sen and Yong Poon Miew, incorporated Nam Lee in March 1975 and subsequently listed the company on SGX in October 1999.
The company is mainly involved in the design, fabrication, supply and installation of steel and aluminium products for buildings and infrastructure projects, and the supply of aluminium industrial products for container refrigeration units.
In its latest annual report, the largest shareholder is the three brothers, who collectively hold a 58.9% stake in Nam Lee.
Yeo Seng Chong, the executive chairman and chief investment officer of Yeoman Capital Management, is the second-largest shareholder in Nam Lee, with a 6.8% stake.
In its most recent FY2025, Nam Lee saw its revenue grow by 15.7% y-o-y to $208.6 million. The higher topline was driven by both the construction and reefer container businesses. Earnings shot up 102.7% y-o-y to $24.8 million, on the back of lower other operating expenses and slower growth in cost of sales.
Despite favourable market conditions, Nam Lee remains cautious given macroeconomic uncertainties ahead, including inflationary headwinds, geopolitical instability, and global economic uncertainty.
The company will look towards strategic cost management, operational efficiency, timely project execution, and productivity enhancements across all product segments.
Meanwhile, a family feud over Nam Lee’s controlling shareholders is surfacing in the market, with significant implications for the company in the near term.
For background, the family relationship between the Yong family is as follows:
- Yong Li Yuen, Joanna, 55, the daughter of Yong Koon Chin
- Yong Han Keong, Eric, 52, the son of Yong Kin Sen
- Yong Han Lim, Adrian, 51, the son of Yong Poon Miew
In October 2025, Nam Lee’s board of directors announced that the company’s managing director, Eric Yong, had been interviewed by the Corrupt Practices Investigation Bureau (CPIB) following a whistleblower’s report filed with the bureau regarding certain allegations made against him. Following the conclusion of CPIB’s investigation, no further action was taken against him.
The whistleblowing report was first received by the company’s audit committee in FY2024, which merited investigation and complaints were referred to the internal auditors for independent audit investigation.
Despite nothing surfacing for further investigation, the internal auditors discovered procedural lapses and control gaps in operational matters during their investigations and reported them to the audit committee.
Two months later, Yong Kin Sen and Yong Poon Miew, who have a combined stake of 40%, called for an EGM to remove Joanna Yong as Nam Lee’s director. Neither Yong Kin Sen nor Yong Poon Miew provided any reasons or rationale for the resolution in the requisition notice.
Following the EGM on Jan 9, Joanna Wong was removed as director of Nam Lee. Given the close proximity in timeline, market participants are speculating that these two events could be linked, a speculation the company has never confirmed.
