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PETALING JAYA: The RM45bil domestic steel sector has been severely impacted by the prolonged Covid-19 led lockdowns with many players unable to operate and fulfil their outstanding orders, despite the current robust export market.
According to Malaysia Steel Association (MSA) president Tan Sri William Cheng, most steel manufacturers are facing tremendous financial losses, especially those operating in Selangor and Kuala Lumpur, the powerhouses of industries and services that contribute over 40% of the country’s gross domestic product (GDP). “Any extension of the enhanced movement control order (EMCO) will have dire consequences on almost all the manufacturers and businesses, ” he said.
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