Malaysian steelmaker, Tashin Holdings’ revenue from steel processing was up 45pc at MYR68.8mn in the first quarter of 2021. The company’s earnings from steel manufacturing increased by 91pc at MYR26.4mn, for the same quarter period.
Lim Choon Teik, managing director, noted to the media on Monday that a perceived shortage of raw material like cold-rolled steel may prove challenging for Tashin for the rest of the year. He attributed the increase in revenue in Q1 to the rising steel prices.
The company reported a 55pc jump in its revenue at MYR95.2mn during the first three months of the year.
Tashin has a 100pc stake in Tashin Steel based out of Malaysia. The company processes steel mother coils into slit coils and sheets. It manufactures steel pipes, expanded metals, and C Purlins.