Malaysia revises the growth of the steel sector

Malaysia revises the growth of the steel sector. The Malaysian Iron and Steel Industry Federation (MISIF) has revised downward the domestic steel sector growth to 5% this year from its earlier forecast about 10% to 12%, said president Chow Chong Long. He said the optimistic forecast of a recovery after the economic crisis was dashed following the quarterly iron ore price increase, deepening sovereign debts among PIIGS countries, rising costs from the removal of subsidies and the risks of higher steel supply versus slower demand.