PRESS Metal Aluminium Bhd is unperturbed by the 38.2% duty imposed by the European Commission (EC) on Press Metal International Ltd (PMI) and Press Metal International Technology’s products.
“We have been monitoring the situation and would like to clarify that the current direct impact to our business is minimal,” it said in press statement today.
“The duties imposed by the EC was only on extrusion products from our China subsidiaries to the EU.
“Our Malaysian extrusion business is not affected by the duties,” the company explained.
According to the statement, for the financial year ended Dec 31 2019, extrusion revenue to the EU contributed approximately 4.6% to the Group’s revenue and approximately 2.8% to the Group’s profit after tax.
“We will be able to substitute any shortfall in our China extrusion facilities with other ready markets,” the integrated aluminium producer noted.
Aside from China, the Press Metal Group also has extrusion facilities in Kapar, Malaysia which is able to cater for international orders. – Oct 14, 2020
