Steel sustainability
UPSTREAM steel players, who are among the country’s top energy users could be affected by a potential hike in the new electricity tariff surcharge, amid the current high coal and gas prices.
The announcement on the next electricity surcharge bi-annual review for the second half of 2022, is slated by the end of this month.
For most steel millers, energy and raw material costs account for almost 90% of their total cost structure.
Back in 2018, a 1.2 sen increase in the electricity tariff could raise the iron and steel industry’s costs by RM148mil, based on its annual electricity cost in that year, according to the Malaysian Iron and Steel Industry Federation.
Hence, to ensure the sustainability and competitiveness of the steel industry at the local and international levels, the government must continue to provide a conducive environment for domestic steel players to operate.
For example, the recent announcement on the Mass Rapid Transit 3 circle line by the...
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