Malaysian steel stocks climb, pushed by China output cut

Steel companies in focus include Southern Steel Bhd, which gained six sen to close at RM2.43; Malaysia Steel Works (KL) Bhd, which firmed up five sen to RM1.61; and Ann Joo Resources Bhd(pic), which remained unchanged at RM3.68. Ann Joo, for example, saw its share price tripling over the past two years, said analysts.

PETALING JAYA: Steel stocks on Bursa Malaysia continued their steady climb yesterday on improving prospects, following China’s stringent move to slash its output and clamp down on more illegal steel mills.

Steel companies in focus include Southern Steel Bhd, which gained six sen to close at RM2.43; Malaysia Steel Works (KL) Bhd, which firmed up five sen to RM1.61; and Ann Joo Resources Bhd, which remained unchanged at RM3.68.