Megasteel cleared of infringing Competition Act

PETALING JAYA: Lion Corp Bhd’s 79%-owned subsidiary Megasteel Sdn Bhd has been cleared of infringement of Section 10(1) of the Competition Act, 2010 after Melewar Industrial Group Bhd withdrew its notice of appeal to the Competition Appeal Tribunal.
Lion Corp said the Malaysia Competition Commission (MyCC) informed Megasteel’s lawyers that Melewar on June 21, 2016 withdrew the appeal and there was no objection by MyCC to the withdrawal.
“Following the withdrawal of the appeal, the case against Megasteel is closed and the finding of non-infringement is final,” Lion said in a filing with the stock exchange on Tuesday.
MyCC concluded on April 15 that Megasteel did not abuse its dominant position by charging or imposing a price for its hot-rolled coil that amounts to a margin squeeze that produced anti-competitiveness in the cold-rolled coil market.