[SINGAPORE] Despite mastery of the material it gets its name from, MaxSteel Enterprise has kept its edge in 30 years of business not by being stolid and immovable, but flexible through constant improvements and diversification.
While dealing in steel is a hard, technical business, there is also a soft core that has helped anchor the company: building and managing strong relationships.
Henry Ng, the company’s chief executive officer, says: “To stay competitive, we’ve needed to be very innovative and constantly improving, as well as resourceful in finding good, reliable partners, so that we can continue to serve our customers better.”
That approach has helped weld MaxSteel’s solid reputation, which has helped it grow from a small and medium enterprise to a company with an annual turnover of US$61.3 million (S$79.8 million) in 2024, selling to 20 markets around the globe, including in Asia, the Middle East and Latin America.
That blend of attributes has served the company well, since its inception it has “consistently” turned a profit and seen steady growth, says Ng. Its annual revenue was US$61.3 million in 2024, from US$29.4 million in 2015. In 2025 it is projected to increase to US$65 million.
The Singapore company’s primary business is manufacturing of processed steel and metal products that are used in a wide variety of industries including the semiconductor, consumer electronics and automotive sectors.
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It is steeling for a new stage of major growth thanks to a joint venture in Thailand with one of the largest steel mills in the world that will see it capitalise on the growing regional trend towards electric vehicles (EVs).
“With the project in Thailand, we expect the company’s turnover to double or even triple over the next few years as a result of this new venture,” says Ng.
Heavy mettle
Steel has many applications, but one key to MaxSteel’s success has been its ability to break new ground and diversify.
The company has continued to thrive because it constantly seeks to improve and venture into new areas rather than relying on past success, adds Ng.
MaxSteel processes raw metal such as steel and aluminium sourced from steel mills and suppliers and prepares them for its clients to use as sub-assemblies or parts.
Its products end up in household appliances, medical equipment, hard disk drives, server racks, car bodies and parts, and air conditioning ducts in hospitals and MRT stations, among others.
Ng founded the company in 1995 after a decade-long stint at a Japanese steel company, when he saw the potential for a more diversified supply of steel at a time when demand was on the rise.
At the time, the industry was dominated by Japanese suppliers, who controlled pricing closely.
“There were many US and European household appliances and IT manufacturers in Singapore that were aggressively seeking new material suppliers as they were encountering long lead times and high costs of materials,” says Ng.
But MaxSteel capitalised on the situation by opening up competition through importing steel from Korean mills, offering comparable quality for a better price.
It was an important boost to MaxSteel’s early business, but Ng took the lesson of diversification to heart: The group now works with seven major suppliers from Japan, Korea and Europe.
The company has followed a similar tack in its business segments, staying ahead of trends.
While data centres and hard disk drives remain an important part of the business, the manufacturing of consumer electronics and appliances has long shifted away from Singapore to China and Asia-Pacific.
Now, MaxSteel’s biggest business is industrial packaging, specifically, the manufacture of locking rings for metal drums. Although it began just two years ago, it is now supplying to one of the largest oil drum manufacturers in the world.
“Industrial packaging has been a very good opportunity for MaxSteel, not only for our regular business, but it also means we have expanded and gone downstream,” says Ng.
Strategic moves
These strategic moves have been paired with constant, incremental improvements too.
It moved to its present factory at 74 and 76 Senoko Drive in 2000, which has been expanded five times since, the latest in early 2024.
The company has also been adopting more automation into its processes.
An automated packing line began operating in late 2024, which Ng says has increased efficiency three fold, while reducing manual labour and improving safety.
Production lines of the oil drum locking rings have been operating since then, but there are already plans to introduce an automated production line that will begin operation within the next 12 months.
“With two years of experience already, it’s time for us to increase our market share in this segment and automation will help us achieve that,” said Ng.
Wheel steel
There is also a bright new prospect rolling into the picture: A 500 million Thai baht (S$20.1 million) joint venture in Thailand that will serve not just consumer electronics, but ride the EV wave in the automotive market.
Thailand is one of the largest automotive markets in Asia-Pacific and manufacturers – including BYD, SAIC and Great Wall Motor – have set up factories there to capitalise on EV production incentives from the Thai government.
AnMax Enterprise Thailand was established by MaxSteel, which holds 49 per cent, and Ansteel, which holds 51 per cent. Ansteel is the world’s third-largest steel mill, based in Anshan, China.
The first phase of the facility is complete – a 6,600-square-metre factory with three production lines and an in-house testing laboratory, focused on household appliances and products.
The second phase, which begins construction in the third quarter of 2026, will consist of two production lines. One uses fibro-laser blanking technology, which enables flexible production of different types of parts, including frames and body panels.
That is a key advantage as China EV makers improve their models and make new ones at a much quicker rate than conventional cars, so flexible manufacturing is a must-have to build parts.
Ng said that major players were keen to work with Ansteel – including some Fortune 500 companies – but MaxSteel won out on the strength of its relationship with the mill.
“(Ansteel) has known and trusted us as a reliable partner for 18 years,” he said.
Indeed, excelling at the soft side of things is something that has given MaxSteel the edge in its three decades of operation.
Ng says that the company has always prioritised its customer’s needs, but it also uses its position to facilitate discussions for better outcomes.
“Our strength is that we are able to bring the mills to sit at the same table as the customer to help discuss the project and solve any problems,” says Ng.
MaxSteel, he adds, has the technical capability to discuss and advise on the chemical composition of the parts produced, or the processes needed to achieve certain qualities in the material.
The conventional approach, in contrast, would simply see a part produced based on the customer’s specifications.
“You have to show clients how you can value-add, what you can help them to bring to the market, to resolve problems and minimise their losses… we always ask about the end application and what processes are needed to make the end product. We do it right the first time,” says Ng.
That and building a solid reputation in the industry has been the real steel inside the company.
“We have the technical know-how and market strategy along with decades of experience. But integrity and also honesty and sincerity with the customer is very important. That’s why we can successfully thrive in this industry and are expanding compared with our competitors,” says Ng.
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