KUALA LUMPUR : Deputy Minister of International Trade and Industry Datuk Ahmad Maslan has asked steel segment to merge to stay strong and reasonable while industry players trust the most exceedingly awful is over.
"Steel industry should genuinely investigate the need of solidification," he said at the twelfth Conference on Status and Outlook of the Malaysian Iron and Steel Industry on Thursday.
"Aside from mergers and acquisitions, the industry can consider household organization for potential joint dare to realign generation to take care of demand in both local and fare markets," Ahmad Maslan said.
The neighborhood steel industry has been experiencing overcapacity because of deluge of China's steel imports.
As indicated by Malaysia Iron and Steel Industry Federation (MISIF), imports from China expanded from 900,000tonnes in 2011 to 3.4 million tons in 2015.
The value droop and the surge of shoddy steel from China at beneath cost in the worldwide market had prompted the low usage limit of neighborhood steel plants to 40% somewhere around 2013 and 2015.
In any case, MISIF president Datuk Soh Thian Lai said that "the most exceedingly terrible is over" for the steel segment on the back of recuperation in worldwide steel costs.
"Steel cost is en route to recuperation as China is cutting their creation," he told columnists.
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