PETALING JAYA: Southern Steel Bhd
(SSB) expects the global steel industry to grapple with persistent headwinds such as declining demand, structural overcapacity and escalating geopolitical uncertainties.
In a filing with Bursa Malaysia, the company said the local market remains challenging.
The group continues to focus its attention on improving its operational efficiencies, inventory management and growing the downstream business.
For the first quarter ended Sept 30, 2024, SSB’s net loss narrowed to RM25.69mil from RM39.59mil in the previous corresponding period, while revenue dipped to RM574.81mil from RM601.81mil previously.
SSB said the lower revenue during the quarter was mainly due to lower selling prices.
“However, improved margins from favourable input costs resulted in a lower loss,” it said.
