Pantech the first Malaysian casualty of US-China trade war

The Johor-based manufacturer of steel products and industrial supplies for the oil & gas and chemical-processing industries said the preliminary affirmative anti-circumvention determination on a countrywide basis by the US Department of Commerce (DOC) for imports of carbon steel butt-weld fittings from Malaysia, has affected the group

PETALING JAYA: Pantech Group Holdings Bhd has turned out to be the first Malaysian casualty of the intensifying trade war between the United States and China, with the company projecting a 20% decline in revenue for the remaining nine months of its financial year ending Feb 28, 2019.

The Johor-based manufacturer of steel products and industrial supplies for the oil & gas and chemical-processing industries said the preliminary affirmative anti-circumvention determination on a countrywide basis by the US Department of Commerce (DOC) for imports of carbon steel butt-weld fittings from Malaysia, has affected the group’s export of its manufactured fittings to the US.