Posted by Hansonjj > 2021-08-23 18:02 | Report Abuse

https://www.nst.com.my/business/2021/08/720341/leon-fuat-upbeat-about-steel-industry Key Points: - Steel prices are expected to rise in the near term due to increased demand and strengthening the global economy, as well as the Malaysian government's continued investment in large-scale infrastructure projects. - Leon Fuat Bhd executive director Calvin Ooi said that the revision of the iron and steel policy is also expected to benefit steel products across the value chain. - According to The World Steel Association's Short Range Outlook (SRO) report for 2021 and 2022, the agency forecasts that steel demand will grow by 5.8 per cent in 2021 to reach 1,874.0 million tonnes (mt) after declining 0.2 per cent in 2020. - In 2022 steel demand will see further growth of 2.7 per cent to reach 1,924.6 mt. - We have seen revenue for the first quarter (Q1) financial year ended 31 March 2021 (FY21) increased by 76.2 per cent or RM91.44 million to RM211.48 million. - "Our performance was supported by the 87.5 per cent increase in revenue from trading of steel products to RM74.29 million while revenue from the processing of steel products increased by 70.7 per cent to RM137.11 million," Calvin said.