KUALA LUMPUR: SOUTHERN STEEL BHD and ANN JOO RESOURCES BHD have mutually terminated their proposed joint venture involving the long product steel manufacturing businesses.

Both companies had on Wednesday agreed to cancel the MoU with immediate effect due to uncertain market conditions caused by the Covid-19 pandemic.

“The termination of the MoU is not expected to have any material effect on the consolidated earnings and net assets per share of the Company for the financial year ending June 30,2020, ” it said.