PETALING JAYA: Steel counters experienced a notable upswing in early market trading today following the investment, trade and industry ministry’s (Miti) announcement of a two-year moratorium to tackle challenges within the local iron and steel sector.
Beginning on Aug 15, 2023, the moratorium allows for reassessments to address the challenges faced by the local iron and steel industry and to update the industry’s direction in line with the New Industrial Master Plan (NIMP) 2030.
As at 12.26pm, Mycron Steel Bhd emerged as the industry’s frontrunner on the local stock exchange today, surging 40.91% or 13 sen to 46 sen per share, valuing the group at RM152.08 million.
Meanwhile, Melewar Industrial Group Bhd rose four sen or 15.09%, to 30 sen, giving the group a market capitalisation of RM107.53 million.
On the other hand, Lion Industries Corp Bhd experienced a 6.06% increase, rising two sen to 35 sen, while Malaysia Steel Works (KL) Bhd saw a 6.15% uptick, gaining two sen to 34 sen.
Deputy investment, trade and industry minister Liew Chin Tong told the Dewan Rakyat yesterday that the temporary suspension will affect all aspects of the iron and steel industry’s manufacturing licence processes.
This includes inquiries, assessments, new applications, licence transfers, expansions, regularisations, diversifications, and the issuance of exemption certificates.
Nevertheless, he said that manufacturing licence applications aligned with the objectives of the NIMP 2030 may still be considered for exemption from the temporary suspension.
“This includes projects for the production of complex iron and steel products with high-added value and equipped with low-carbon/carbon reduction technologies such as carbon capture, utilisation and storage,” he told the Dewan Rakyat yesterday.