Misif: Tariff hike may impede recovery of industry

Commerce recommended a tariff of at least 53 percent on all steel imports from 12 countries -- Brazil, China, Costa Rica, Egypt, India, Malaysia, Russia, South Korea, South Africa, Thailand, Turkey and Vietnam.

PETALING JAYA: The increase in electricity tariff, which can result in an additional cost of more than RM100mil per annum to the iron and steel industry, may impede the recovery of the sector.

According to the Malaysian Iron and Steel Industry Federation (Misif), the industry, despite having emerged from the doldrums, continued to operate in an extremely challenging business environment. Hence, the sudden and perpetual increase in power tariff could put the industry under renewed pressure and affect its competitiveness.