1.    Introduction

By a letter dated 16 June 2026, issued by the Asian International Arbitration Centre and received by Lion Steel's solicitors on 23 June 2026, Lion Steel was notified of the commencement of an arbitration proceedings by Linde against Lion Steel on 8 June 2026.

2.    Background of the Arbitration

In the arbitration commenced by Linde against Lion Steel, Linde has alleged that Lion Steel has breached the 'Gas Supply Agreement for Supply of Oxygen, Nitrogen And Argon' dated 16 March 2022 ("Agreement") between the parties.

3.    Particulars of Claim

In the arbitration, Linde is seeking, amongst others, the following:

a)    A declaration that the Agreement remains valid and subsisting until 30 June 2024;
b)    A declaration that Lion Steel is liable under the Agreement to pay all charges until 30 June 2024;
c)    Payment from October 2022 up to 30 June 2024 of RM23,903,583.35 or in the alternative, damages for breach of contract;
d)    Interest;
e)    Costs; and
f)    Such further and other reliefs deemed just and proper.

4.    Financial and Operational Impact on the Company

Lion Steel is seeking legal advice on the merits of Linde's claim and on the courses of action available to it. Based on the information currently available, the financial and operational impact on the Company cannot be determined with reasonable certainty at this juncture. The expected losses, if any, cannot be quantified at this stage.

Lion Steel intends to defend the claim. The Company will make further announcements on material developments as and when they arise.

This announcement is dated 23 June 2026.