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MY - Malaysian steel firms facing tough challenge to survive

It is reported that Malaysian steel enterprises are now facing progressively uncompetitive surroundings as results of unbalanced domestic liberalized steel sector and the unfavorable bilateral Free Trade Agreements between ASEAN and China.

Locally manufactured finished steel products are unable to challenge against similar imported finished products, which have either zero or low import duty.

Currently, the situation seems to get worse due to the increase in electricity tariffs, natural gas prices and substandard products in the market.

Lion Group's unit Megasteel, the country's sole hot rolled coils producer is attempting to petition for a safeguard measure on HRC.

Many players said that the petition would benefit and continue to protect only one segment of the industry's value chain.

Sourced from yieh.com

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