On May 9, Malaysian Prime Minister Datuk Seri Abdullah Badawi announced his government's decision to remove the domestic ceiling price for steel bars and billets.
In addition, the government has exempted steel importers from the necessity of having import licenses and from paying import duty on steel, while exporters of steel bars and billets are allowed to export their products.
The new regulations come into effect on Monday, May 12.
Mr. Datuk Seri Abdullah Badawi stated that the liberalization is in line with the government's intention to achieve smooth development as well as to ensure that the steel industry continues to operate more effectively.