Mycron shares jump 27.6% in early trade

  • Stock on the Move
  • Tuesday, 10 Jul 2018

KUALA LUMPUR: Shares in Mycron Steel Bhd, which has been on a general uptrend since mid June, rose 27.6% in early trade.

The cold-rolled coil (CRC) manufacturer, is one of the top gainers, rising 10.5 sen, or 27.63% to 48.5 sen, its highest since early March.

It has been reported that steel prices and aluminium premiums are shooting up in the US thanks to tariffs. Prices of copper and zinc are retreating on fears of slowing demand.

Some reports said principal hot-rolled (HR) and cold-rolled (CR) steel sheet suppliers to Russia's central region, around Moscow, have again cut offers to spur demand.         

In the first nine months to March 31, Mycron Steel posted a net profit of RM14.85mil on revenue of RM585.78mil.

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