Within this 1 year, perwaja share price up & down, created opportunity to investor to gain money. But lioncor not any news or direction for restructuring plan, how come? Any one can share?
Misif wants MITI to act fast on anti-dumping cases, impose margin in interim
By Jeffrey Tan / TheEdge Markets.com | October 16, 2014 : 12:47 PM MYT
KUALA LUMPUR (Oct 16): The Malaysian Iron & Steel Industry Federation (MISIF) has called on the government to act “quickly and decisively” on anti-dumping cases involving steel.
This is one of several measures the industry body is proposing to the Ministry of International Trade and Industry (MITI) to safeguard the interests of local steel players in light of aggressive competition from China.
MISIF President Datuk Soh Thian Lai said preliminary anti-dumping margins should be imposed while investigations are ongoing.
"There is too much export from China to Malaysia. If you ask me: 'Is China super competitive?', I say yes," he said at the 11th MISIF Conference on Status and Outlook of the Malaysian Iron and Steel Industry today.
Addressing a large crowd of industry players, Soh also urged the government to accord priority to made-in-Malaysia steel products in line with the government's "Buy Malaysia 1st Policy".
Deputy International Trade and Industry Minister Datuk Hamim Samuri, who was present, told reporters that MITI would consider the proposals, but declined to specify a timeline.
However, he stressed the need for steel players to be united and work together with the government, besides displaying a sense of “shared responsibility”.
Ann Joo Group of Companies's Group Managing Director Datuk Lim Hong Thye said global prices of steel would rise if Chinese tax rebates were abolished and prices of iron ore also rose.
Author: EpicMalaysia | Publish date: Tue, 21 Oct 21:33
MARKET UPDATES :
The Kuala Lumpur Tin Market (KLTM) rose US$100 to close at US$19,400 a tonne yesterday in tandem with the firmer London Metal Exchange (LME). The tin price on the LME increased by US$55 to close US$19,305 a tonne. The dealer said KLTM price rise was higher than LME as some sellers were cautious as they wanted to see how LME would fare today.He said today’s market was dominated by scattered buying from the Europeans, Japanese and the locals.
The three-month Kuala Lumpur Interbank Offered Rate (Klibor) futures contracts closed untraded yesterday on lack of buying interest, dealer said. Spot month November 2014, December 2014, January 2015 and March 2015 remained unchanged at 96.25, 96.26, 96.22 and 96.18, respectively. Open interest stood at 2,660 contracts. At the 11am fixing, the underlying three-month Klibor stood at 3.75 per cent. Bernama .
AMALGAMATED Industrial Steel Bhd (AIS), which have been in the red for six years, is hopeful of narrowing loss this year as it sells its pipes at higher prices, following the government’s slapping of anti- dumping tax on select imported hot-rolled coils (HRC).“We’re relieved to hear that there’s better government enforcement in the form of anti-dumping investigation. We’re a customer of Megasteel,” said AIS chief financial officer Jack Soo. For 120 days from Thursday, the Ministry of International Trade and Industry (Miti) has imposed provisional anti-dumping duties of between 3.15 per cent and 29.37 per cent on HRC originating or imported from China, Indonesia and South Korea.
Published: Sunday May 11, 2014 MYT 12:00:00 AM Updated: Sunday May 11, 2014 MYT 8:46:09 AM Still as sharp, still as savvy
DESPITE having left the political scene for many years, former Cabinet minister Tan Sri Rafidah Aziz is as busy as ever. The ‘Iron Lady’, who is chairman of three companies - Air Asia X, Megasteel Sdn Bhd and Pinewood Studios - shares her thoughts on a wide range of issues, from GST to Malay rights’ groups and the social media in an exclusive interview with RAHMAH GHAZALI and RASHVINJEET S BEDI.
Megasteel is 70%-owned by Lioncor. 1st article : 120 days anti-dumping duties for Hot-Rolled Coils (HRC). Megasteel produces HRC 2nd article : Megasteel is chaired by ex-MITI minister TS Rafidah Aziz.
In the same circular, it says HRC capacity was 3.2m tonnes but production only 1.0m tonnes. This is due to dumping from other countries and little enforced protection locally.
------------ Main takeaway for me is that to become a developed country, steelmaking has to move from long steel (infrastructure centric) to flat steel (industrial use centric, value added) like US/Japan early 2000s. Cannot be held ransom to imports. Lioncor is the major domestic flat steel player. Protection and nurturing is required for domestic flat steelmakers.
For the more experienced forumers, can share if Bursa can threaten suspension when Regularisation Plan has not even been submitted. Here, we see Lioncor asking for extension to submit. In High5 case (delisted today), they submitted RP but not approved.
01 Oct 2014 update via Bursa re seeking extension until middle of next year. --------------------- The Board of Directors of the Company hereby announce that the Company has up to 25 October 2014 to submit a plan to regularise its financial condition (“Regularisation Plan”) to the relevant authorities for approval and the Company had on 1 October 2014 submitted an application to Bursa Malaysia Securities Berhad (“Bursa Securities”) for an extension of time from 25 October 2014 to 30 June 2015 for the Company to make the submission of the Regularisation Plan to the relevant authorities.
Kenanga industry update 14 Oct 2014 (after visit to Masteel) http://klse.i3investor.com/blogs/kenangaresearch/61682.jsp Potential trade actions should improve steel price environment. : .... we gathered that local steel players have been working with the government to resolve steel dumping issues and we expect some trade measures to be announced by 1Q15 which should improve local steel prices. Potential measures include anti-dumping duties, import licensing measures and export restrictions on steelmaking raw materials. Furthermore, on 6-Oct-14 Reuters reported that China steel export incentives (including tax rebates on certain steel products) have been cancelled, according to a China Iron Ore and Steel Association (CISA) official. Hence, CISA expects to see lower steel exports from China in 2015 despite unchanged output levels. With these developments, we are optimistic on local steel prices and estimate a 5-10% improvement in FY15E steel prices should trade actions be passed.
We refer to the First Announcement dated 25 October 2013 made by the Company in relation to the Company being classified as a PN17 Issuer and the announcement dated 4 November 2013, 2 December 2013, 2 January 2014, 24 January 2014, 4 February 2014, 3 March 2014, 1 April 2014, 2 May 2014, 2 June 2014, 1 July 2014, 1 August 2014, 2 September 2014 and 1 October 2014 pursuant to the requirements under PN17 (“Announcements”). Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the Announcements.
The Board of Directors of the Company hereby announce that the Company had on 1 October 2014 submitted an application to Bursa Malaysia Securities Berhad (“Bursa Securities”) for an extension of time from 25 October 2014 to 30 June 2015 for the Company to make the submission of the Regularisation Plan to the relevant authorities (“Application”).
Bursa Securities had vide its letter dated 31 October 2014 informed the Company that the suspension on the trading of the Company’s securities and de-listing of the Company in accordance with Paragraph 8.04(5) of the Main Market Listing Requirements of Bursa Securities shall be deferred pending decision on the Application.
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L2
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Posted by L2 > 2014-10-10 22:12 | Report Abuse
A rare day of activity today for Lioncor. 689,800 vol traded vs 4-wk avg 109,088.