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Thursday, February 24, 2011

Masteel turns around in FY2010, posts record-breaking RM1b revenue (Edge)

Integrated steel manufacturer Malaysia Steel Works (KL) Bhd (Masteel) turned around to profitability in the financial year ended Dec 31, 2010 on the back of a record RM1 billion in revenue.

Masteel said on Thursday, Feb 24 it recorded net profit of RM28.18 million compared to net loss of RM8.09 million in FY09, while revenue rose 46.2% to RM1 billion from RM687.26 million in FY09.

Masteeel attributed the strong year-on-year growth to the increased demand for its products as well as higher prices.

Commenting on its outlook, Tai said the broad global recovery was expected to positively support the growth of the demand of steel bars and billets, inflationary impact on the prices of the company's raw material is expected to be manageable as the primary feed stock used is scrap.

Barring any unforeseen circumstances, the company envisaged its earnings to be enhanced for the financial year ahead, he said.

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