Malaysia-based steel producer Malaysia Steel Works (KL) Bhd (Masteel) has announced its financial results for 2017, posting a net profit of RM 75.45 million ($19.28 million), compared to a net profit of RM 21.43 million in 2016.
Malaysia Steel Works’ revenues amounted to RM 1.46 billion ($374.01 million) in the given year, up 21.3 percent year on year, mainly due to higher steel bar volumes and steel prices recorded on the back of stronger domestic demand.
The company stated that in the current year global steel demand is expected to increase moderately over the levels of 2017. Steel prices are expected to remain at 2017 levels underscored by the increase of prices of many consumables that are used for steelmaking. According to the company, the higher steel prices are also caused by supply-side restrictions arising from capacity cutbacks, environmental regulations and weather-induced interruptions.