Bernama reported that Malaysia Steel Works Bhd has recorded a pre tax profit of MYR 30.1 million for financial year ended December 31st 2010 as compared to a pre tax loss of MYR 8.5 million in the same period of 2009. Its revenue surged to MYR 1 billion from MYR 687.3 million previously.

Mr Datuk Seri Tai Hean Leng MD & CEO of Malaysia Steel Works said that MYR 1 billion revenue was not merely a milestone in the group's corporate history, but more so a reflection of its scale of operations since its establishment 40 years ago.

He added that "Given that our electric arc furnace uses scrap metal as the primary feed stock, our steel manufacturing operations are shielded from the impact of rising iron ore and coking coal prices."

Mr Tai said that coupled with the anticipated higher demand for steel bars and billets resulting from the expected recovery in global markets, Masteel was optimistic of sustaining its growth momentum moving forward.

For the fourth quarter ended December 31st 2010, its pre tax profit fell to MYR 9.68 million from MYR 10.60 million in the same period of 2009. This was largely due to a one off MYR 4.3 million provision for a legal suit. Its revenue increased to MYR 292 million from MYR 191.7 million previously.

(Sourced from www.bernama.com)