Steel demand in Malaysia is expected to fluctuate throughout 2021 given the impact of the COVID-19 pandemic, according to Malaysian steel producer Ann Joo.
The steelmaker, however, forecasted a stronger market for exports in its earnings report for 2020. The company plans to continue focusing on exports to China and other Southeast Asian markets this year along with improving productivity and optimizing costs.
In 2020, Ann Joo’s revenue fell to MYR1.9bn ($460.8mn) from MYR2.2bn in 2019. Its other income last year dropped to MYR 26.7mn compared to MYR53.8mn in 2019.
The company’s revenue in Q4 2020 declined to MYR539mn from MYR603.7mn in the same quarter of the previous year. Its other income also fell to MYR2.7mn in Q4 2020 from MYR42.5mn in the same quarter in 2019.