Latest news with #CSCSteel
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Malaysia slaps duties on steel imports from China, South Korea and Vietnam
The investment, trade and industry ministry said action has to be taken to prevent 'further injury' to the domestic industry. (Reuters pic) PETALING JAYA : The government has imposed provisional anti-dumping duties ranging from 3.86% to 57.90% on certain iron and steel imports from China, South Korea and Vietnam. The investment, trade and industry ministry said the duties will take the form of bank guarantees, effective for up to 120 days starting July 7, pending a final determination by Nov 3. This follows a preliminary investigation on Feb 6 into flat-rolled iron or non-alloy steel products coated with zinc using the hot-dip process, commonly known as galvanised steel coils or sheets. Local steelmaker CSC Steel Sdn Bhd had lodged a petition, claiming that imports from the three countries were being sold below their domestic market prices, causing losses to Malaysian producers. 'The government has found that there was sufficient evidence to continue with further investigation on the importation of the subject merchandise from China, South Korea and Vietnam at dumped prices. 'The provisional measure is necessary to prevent further injury to the domestic industry,' the ministry said in a statement today. Companies and exporters affected by the decision have until July 14 to submit feedback. A final decision will be made by Nov 3. More information, including a public version of the findings, may be found at
Malay Mail
2 days ago
- Business
- Malay Mail
Miti: Evidence of dumped steel imports from China, South Korea, Vietnam prompts provisional duties
KUALA LUMPUR, July 5 — The government has found sufficient evidence that imports of galvanised iron or steel coil and sheet products from China, South Korea, and Vietnam were brought into the country at dumped prices. The Ministry of Investment, Trade and Industry (Miti) said in a statement that this preliminary determination in the anti-dumping duty investigation was made under Section 23 of the Countervailing and Anti-Dumping Duties Act 1993. 'Therefore, the government has decided to impose a provisional anti-dumping duty, in the form of a bank guarantee, equivalent to the identified dumping margin in the preliminary determination, ranging from 3.86 per cent and 57.90 per cent on imports of the subject merchandise from China, South Korea, and Vietnam, to prevent further material injury to the domestic industry during the investigation. 'The imposition of temporary anti-dumping duties will be effective for a period not exceeding 120 days, starting from July 7, 2025, and a final determination will be made on or before November 3, 2025,' it said. According to Miti, the government initiated the anti-dumping investigation on February 6, and based on this preliminary determination, the investigation will proceed. The probe, conducted under the Countervailing and Anti-Dumping Duties Regulations 1994, was initiated following a petition filed by CSC Steel Sdn Bhd. The petitioner, representing the local industry producing similar products, alleged that the subject goods originating from China, South Korea, and Vietnam were imported into Malaysia at prices lower than those in their respective domestic markets, causing material injury to the Malaysian industry. However, Miti stressed that interested parties, including importers, producers, foreign exporters, or relevant associations, are invited to provide comments or views on the preliminary determination report. Submissions must be made no later than July 14, 2025. 'Interested parties may obtain the non-confidential version of the Preliminary Determination report via the Trade Remedies Investigation Management (Trima) system at said Miti. — Bernama
The Star
03-06-2025
- Business
- The Star
CSC Steel's outlook positive following strong earnings
PETALING JAYA: TA Research is positive on CSC Steel Holdings Bhd outlook following the stronger-than-expected earnings performance in the first quarter of financial year 2025. CSC Steel reported an adjusted net profit of RM14.8mil for 1Q25, surpassing the research house's expectations, accounting for 43.1% of its full-year forecast. It said the positive deviation was primarily driven by lower-than-anticipated input costs, which translated into improved profit margins. Revenue declined by 17.3% year-on-year (y-o-y) largely due to softening demand for steel products and subdued average selling prices. Despite the revenue contraction, TA Research said adjusted net profit rose 19.2%, thanks to easing raw material costs and a lower effective tax rate. It pointed out that CSC Steel's balance sheet remains strong, with zero borrowings and a net cash position of RM347.7mil. 'Following the stronger-than-expected earnings performance, we have adjusted our cost assumption for certain steel products. 'Consequently, our FY25-FY27 earnings forecasts have been revised higher by 47.3%,24.8%, 8.4% respectively,' it added. The research house has upgraded its 'sell' to 'hold' call for CSC Steel with a higher target price of RM1.23 versus RM1.02, after factoring in the upward revision in earnings. It explained that the upgrade was due to the company offering a balanced risk reward profile amid an evolving market landscape, while having an attractive dividend yield of 6.3%, based on our projected dividend yield of 7.5 sen a share. Meanwhile, TA Research expected the Malaysia's steel market to continue facing persistent oversupply pressures due to China's excessive production capacity and illegal imports. This is despite the implementation of a new five-year Anti-Dumping Duties Act (effective mid-May 2025) targeting certain steel products.
