Posted on 27 Aug 2009
LION Group chairman and chief executive officer Tan Sri William Cheng has defended the policy review of the iron and steel industry, saying it augurs well for the local industry.
"(It) prevents foreign steel mills from dumping in
Cheng said the policy review also encourages the use of locally produced goods, while allowing the importation of those products not available locally.
"It also includes the introduction of mandatory standards for iron and steel imports so as to prevent sub-standard and poor quality products from entering the country that can harm the growth of the industry and compromise the safety of end-users."
Cheng said the local steel mills will always support the downstream industries to fulfil local demand and to export.
"Local production is especially important during times of shortage when downstream manufacturers are assured of supply.
"This is not a zero-sum game where winner takes all. Both the upstream and the downstream need each other to be viable in order for all to grow and contribute to the development of the industry and the local economy," he added.
Since the announcement of the policy review of the iron and steel industry by the Ministry of International Trade and Industry on June 17 2009, the downstream manufacturing industries have expressed concern on the "protectionist" nature of the policy.
