The metals sub-sector which consists of ferrous and non-ferrous metals is a key component in Malaysia’s manufacturing and construction industry. Taken as a whole, exports of the metals industry in January to May 2009 fell by 26.9 per cent to RM9.2 billion from RM12.6 billion in the first five months of last year. Imports of metals which are critical inputs in our fabrication industry, also declined by 35.3 per cent in the same period.
A total of 47 projects were approved in the metal industry with investments valued at RM2.6 billion for the period of January – May 2009.
As part of the metals industry, the iron and steel sub-sector provides basic raw materials and intermediate inputs to other sectors such as agriculture, construction and engineering.
The Government had introduced measures to help spur production and trade in this sub-sector. Effective 1 August 2009, steel manufacturing licences will be issued without restriction to meet the demand for long and flat steel products and import duty on flat products have been reduced from 50 per cent to 25 per cent and the rates will be further reduced between 0 to 10 per cent in 2018. To prevent an influx of sub-standard products into the country, the Government undertakes to impose mandatory standards for imported and locally produced long and flat products.
A total of 47 projects were approved in the metal industry with investments valued at RM2.6 billion for the period of January – May 2009.
As part of the metals industry, the iron and steel sub-sector provides basic raw materials and intermediate inputs to other sectors such as agriculture, construction and engineering.
The Government had introduced measures to help spur production and trade in this sub-sector. Effective 1 August 2009, steel manufacturing licences will be issued without restriction to meet the demand for long and flat steel products and import duty on flat products have been reduced from 50 per cent to 25 per cent and the rates will be further reduced between 0 to 10 per cent in 2018. To prevent an influx of sub-standard products into the country, the Government undertakes to impose mandatory standards for imported and locally produced long and flat products.
