Lim Hong Thye, president of MISIF, projected ASC to reach approximately 8.3 million tonnes in the current year, with potential to exceed 9 million tonnes if all planned infrastructure projects are fully realized.
Highlighting sector-specific dynamics, Lim emphasized a favorable outlook for flat products, buoyed by earlier investments in Malaysia's semiconductor industry. Conversely, demand for long products, crucial for construction purposes, hinges significantly on government expenditure aimed at stimulating the economy through key projects like the Light Rail Transit in Penang and the mass rapid transit (MRT) 3 initiative.
Despite a notable 4.5% growth in ASC to 7.9 million tonnes in 2023, continuing a three-year upward trend from 7.2 million tonnes in 2022, Lim cautioned that current levels remain below pre-pandemic benchmarks and the peak of 10.3 million tonnes recorded in 2016.
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