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Malaysian Steel Sector Remains Uncertain Due to Pandemic, an Industrial Info Market Brief
Industry Segment: Market Brief | Word Count: 133 Words
Several Malaysian steelmakers are reviewing their operations and projects due to uncertain market conditions caused by the global pandemic.
A proposed joint venture between Ann Joo Steel Berhad and Southern Steel Berhad was cancelled this month, as both companies expect a downturn in the market. Newcomer Alliance Steel (M) Sendirian Berhad (ASSB) is planning to shutter several areas in its integrated steel mill complex and lay off around 300 employees, while Lion Industries is selling its hot-briquetted iron plant to divest from billet and long steel products.
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