KUALA LUMPUR (Oct 15): Mycron Steel Bhd (KL:MYCRON) has discontinued its bid to mount a court challenge against the government’s decision to remove anti-dumping duties on specific imported steel products.
In a bourse filing on Thursday, Mycron said it had decided to withdraw its judicial review after "a constructive discussion in relation to the matter" and not due to any court ruling.
It said the decision was in the best interest of the group.
"The discontinuance does not arise from any adverse determination by the court on the substantive merits of the application," it said.
"The group remains committed to safeguarding its legitimate commercial interests and maintaining constructive engagement with the relevant authorities on matters affecting the domestic steel industry."
Mycron added that the High Court accepted the company’s request to discontinue its application on Sept 21, and all formal court paperwork was completed as of Oct 6.
On June 26, 2023, the International Trade and Industry Ministry and Finance Ministry removed anti-dumping duties on cold-rolled coils of iron or non-alloy steel between 700mm and 1,300mm in width from South Korea and Vietnam.
On Dec 4, 2023, the High Court allowed Mycron and fellow steel products maker CSC Steel Holdings Bhd (KL:CSCSTEL) to commence separate judicial reviews against the government decision.
CSC Steel Holding did not issue any update on the status of its case on Thursday.
Mycron’s shares rose 0.5 sen or 2.44% to 21 sen on Thursday, valuing the group at RM68.7 million.