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Malaysian Kinsteel posts pre-tax losses of US$74 million in 2011
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It’s reported that Kinsteel, an integrated long steel product manufacturer in Malaysia posted pre-taxes losses of US$74 million for 2011, doubling from a year earlier.
Thus, Perfect Channel, a 51%-owned subsidiary of Kinsteel, planned to cut back the operation at its Gurun plant, which owns annual production capacity of 700,000 tons of section steels.
Kinsteel said that it planned to reduce the plant’s present workforce of about 500 by 300.
In the background, Kinsteel owns seven rolling mills in Gebeng, Kuantan that have a combined rated capacity of 800,000 tons per year. The Gurun rolling operation in Kedah state operated at 30%~40% of capacity last year.
News Date
3/22/2012 4:48:25 PM
reported by
Ellen Huang
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