Steel Theme Play : Domestic Steel Market to Expand - Choo Bee Metal
STEEL product manufacturer Choo Bee Metal Industries Bhd expects the domestic steel market to expand by 5 per cent this year.
Group managing director Simon Soon Cheng Hai said although steel exports have increased following the recovery in the US economy, they are still affected by price uncertainty.
"The European economic crisis and measures taken by China to cool its economy give impact to this industry.
"For this, we will focus on the local market because the 10th Malaysia Plan that was tabled early this month can bring positive development to the company," he said after chairing Choo Bee Metal's annual general meeting in Ipoh, Perak, yesterday.
He said the management has taken steps to increase productivity and tidy up operations to make the company more competitive.
To become a major steel pipe producer in the country, the company will focus on product quality.
Choo Bee Metal will also open a new warehouse in Kapar, Klang, costing RM8 million, Soon said. - Bernama
from : business times