KUALA LUMPUR: Steel stocks rallied in active trade in an otherwise cautious market on Tuesday as speculators hoped Megasteel's suspension of its operations would benefit the smaller players. At 5pm, the KLCI was down 9.26 points or 0.55% to 1,677.18. Decliners thumped advancers three to one or 637 losers to 206 gainers while 316 counters were unchanged. StarBiz reported that Lion Corp suspended the operations of the loss-making RM3.2bil Megasteel plant on Aug 30. Both companies are controlled by Lion Group executive chairman Tan Sri William Cheng.Apart from Megasteel, other steel plants of Lion Group, including Amsteel Mills Sdn Bhd and Antara Steel Mills Sdn Bhd, are believed to be still in operation.

Source: The Star September 13, 2016 10:05 UTC