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ios developer account:Quick take: Steel stocks gain on anti-dumping duties

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KUALA LUMPUR: Shares of steel companies on Bursa Malaysia rose in early trade Thursday after the Government imposed anti-dumping duties on flat-rolled steel from China, South korea and Vietnam. Companies such as Hiap Teck Venture Bhd, Malaysia Steel Works (KL) Bhd and Lion Industries Corp Bhd are among the most actively traded counters on Bursa Malaysia. Hiap Teck was unchanged at 46.5 sen with over 20 million shares traded. Masteel added 3.85%, or two sen to 54 sen and Lion Industries fell 0.79%, or 0.5 sen to 63 sen. Press Metal rose four sen to RM7.95, Ann Joo added one sen to RM1.44, Choo Bee advanced nine sen to RM1.69 and Mycron rose three sen to 48.5 sen. The Ministry of International Trade and Industry said the Government is imposing anti-dumping duties on certain flat-rolled steel products from China, South Korea and Vietnam for five years. The duties on flat-rolled products of non-alloy steel plated or coated with aluminum and zinc, come after an anti-dumping investigation was carried out on behalf of the domestic industry, the ministry said. The investigation found that "the subject merchandise is being imported into Malaysia at a price lower than the selling price in the alleged countries", it said in a statement. The tax would range between 2.18% to 18.88% for products from China, and 9.98% to 34.94% for products from South Korea, and 3.06% to 37.14% for products from Vietnam. The duties came into effect on Dec. 12 and will be imposed until Dec. 11, 2025.
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