SETIA ALAM: Hiap Teck Venture Bhd believes steel industry is heading towards an upswing in the near term mainly due to favorable ringgit and more stable steel prices. As a result, the company expects to turn into profitability in the financial year 2018 like the rest of the industry players. On ringgit, Foo said the currency is strengthening and currently positive for the steel industry as it cuts down foreign exchange loss. Foo believes the company will remain profitable this year, supported by its 55 per cent-owned Eastern Steel which will start its operation next year. We are in advanced stage of planning to resume production of Eastern Steel after taking into account the market conditions," he said.

Source: New Strait Times December 18, 2017 06:33 UTC