KUALA LUMPUR, Feb 21 CSC Steel Holdings Bhd’s net profit more than doubled to RM86.09 million for the financial year ended December 31, 2021 (FY2021) from RM37.0 million in the preceding year, driven by improved product margin due to an uptrend in selling prices. The steel coil maker said.
ACCORDING to the Malaysia Steel Institute, an inadequate global supply of raw materials specifically, iron ore and steel scrap because of the Covid-19 pandemic led to a surge in steel prices since the fourth quarter of last year. A recent report by Fitch Solutions Country Risk and Industry Research notes, however, that the iron rally has ended and prices have collapsed as supply of the commodity improved and demand growth slowed.
Steel steals the limelight thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
s factory in Seberang Perai Tengah, Penang for RM43.5mil.
The deal involved the purchase of two parcels of industrial land measuring 6.47 acre and 4 acres each.
The properties are located next to Tashin s existing factory. The Proposed Acquisition represents Tashin s efforts to increase its production capacity in steel processing of slit coils, steel sheets and steel manufacturing products, it said in a filing with Bursa Malaysia today.
Upon completion of the acquisition, Tashin s annual production capacity is expected to increase from existing 149,520 MT to 222,720 MT a year. With the increase in capacity, the Group believes that this will lead to an increase in both revenue and profitability in future financial years, it said.