Press Metal Aluminium Holdings Berhad announced that the impact of European Union (EU) duties on its operations will be negligible.
Malaysian local media quoted a company statement that the duties imposed by the European Commission were only on extrusion products from their China subsidiaries and Malaysian extrusion business will not be affected.
European Commission has imposed a 38.2pc duty each on Press Metal International Ltd and Press Metal International Technology Ltd.’s products.
In FY2019, extrusion products to the EU contributed approximately 4.6pc to the group’s total revenue and approximately 2.8pc of the group’s profit after tax.
Press Metal said that they will be able to substitute any shortfall in their China extrusion facilities with other ready markets. The Press Metal group also has extrusion facilities in Kapar, Malaysia which will now fulfil export orders.
Press Metal Aluminium Holdings Berhad, an integrated aluminium manufacturer, is a Malaysian-based aluminium company. The company has a smelting capacity of 760,000mt and an extrusion capacity of 210,000mt per annum.