Iron-steel industry urges Govt to slash electricity tariffs

President of Malaysian Iron and Steel Industry Federation (Misif), Datuk Soh Thian Lai, is urging the Government to reduce electricity and natural gas tariffs by at least 20% in order for the steel industry to remain competitive now that prices of crude oil and natural gas have fallen drastically.

KUALA LUMPUR: The Malaysian Iron and Steel Industry Federation (Misif) is urging the Malaysian Government to reduce electricity and natural gas tariffs without further delay in view of the drastic decline in the prices of crude oil, natural gas and thermal coal.

Brent is currently trading below US$50 per barrel and has fallen nearly 55% in the last six months.