Malayawata heading towards leadership in the industry

Malayawata heading towards leadership in the industry

Malayawata Steel Berhad, one of the major steelmakers of Malaysia with an annual production capacity of 500.000 mts, has started achieving its goals within the framework of the 10-year plan to enlarge and become a regional player in steel industry until 2010. What the plan calls for is to stabilize the operations for the first phase, to cut the prodution costs down which will enable them to become more competitive in the new markets. The company has a net profit after tax of RM15million for the quarter that ended by June 30, 2002. Malayawata currently produces continous cast billets and the product range covers all sizes and grades of wire rods, rebars and small sections. The company is looking to find customers in the international markets and believes that forming alliances with downstream companies will add value to its existing operations. With the Asian Free Trade Area (AFTA) which is sheduled to come into effect in 2003, the existing export duties to certain countries will be reduced down to 0-5%, a situation which will help the company become more competitive for exporting into foreign markets.