SCRAP IRON EXPORT BAN LIFTED, SAYS MUHYIDDIN

KUALA LUMPUR, Nov 15 (Bernama) -- The Government Friday lifted the export ban on
scrap iron following requests from the industry as the stock has piled up over
the months.

International Trade and Industry Minister Muhyiddin Yassin said the ban was
withdrawn to allow scrap iron traders to sell off their stocks.

"I hope the move will ease cashflow problems faced by the traders and help
the industry to move forward," he told a press conference.

Earlier, he announced pre-emptive measures to cushion the impact of the
global economic slowdown on Malaysia's trade and industry sector.

Muhyiddin said his ministry will de-gazette the ban in the next one or two
days as the decision to lift the ban was only made Friday.

Scrap iron is a raw material used for production of steel bars.

Earlier, Muhyiddin held discussions with officials from the Malaysian
International Chamber of Commerce and Industry, Federation of Malaysian
Manufacturers, Construction Industry Development Board and Malay Chamber of
Commerce Malaysia.

The minister said there was also a request from small-and medium-sized
enterprises for the ministry to talk to the Finance Ministry and Bank
Negara Malaysia on financing arrangements.

"Companies are feeling tight at the moment because demand has dropped but
SMEs that borrowed from banks have to fulfil their loan obligations. This seemed
to be difficult for them.

"They hope some arrangements can be made to ease their financial burden. If
there is a possibility of allowing some flexibility in repayment, that is
something we can discuss," he added.
-- BERNAMA