Perwaja is only profitable (cooking the books) as long as there is injection of funds. 17 months ago, after the GE13 election was over, Petronas could no longer inject anymore fund, since 1MDB had siphoned off the major part of Petronass profit. The Edge said Perwaja’s high quality steel was supposed to kick-start the country’s automotive and construction industries by reducing our reliance on imports. For a while at least, the vision did seem to gain traction, with Perwaja producing almost 1.5 million tonnes of steel annually – more than any other local steel maker – at its peak. “But today, the steel mill lies quiet. There is no smoke and there is no fire,” it said. The weekly said the massive blast furnaces at the heart of the plant that used to churn out steel by the thousands of tonnes have been cold for over 17 months. Full article: malaysia-chronicle/index.php?option=com_k2&view=item&id=429341:another-tycoon-dragged-down-by-perwaja-msias-controversial-steelmaker&Itemid=3#ixzz3N6VpRWSj Follow us: @MsiaChronicle on Twitter
Posted on: Sat, 27 Dec 2014 13:23:38 +0000
Trending Topics
Recently Viewed Topics
© 2015