KUALA LUMPUR (Dec 13): The Independent Steel Committee (ISC), which was formed by the Ministry of Investment, Trade, and Industry (Miti) in January 2024, has completed its consultations with various stakeholders about the industry's current challenges and future aspirations and presented its findings to the ministry for further action.
Following the presentation, Miti said it will steer the iron and steel industry to align with the New Industrial Master Plan 2030 (NIMP 2030), ensuring the sector's economic sustainability, environmental compliance, and overall contribution to Malaysia's industrial transformation.
"Miti appreciates the efforts of the ISC in providing insightful proposals to align the direction of this industry with the missions of NIMP 2030. These proposals are crucial to ensuring the economic sustainability and environmental compliance of the sector," Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Aziz said in a statement on Friday.
"Miti aims to consider all the proposals submitted to drive Malaysia's industrial transformation," he added, although none of the proposals were mentioned.
The independent committee, chaired by HSBC Bank Malaysia chief executive officer Datuk Omar Siddiq, was tasked to review and provide proposals on the short, medium and long term roadmap for the entire value chain of the iron and steel industry in accordance with NIMP 2030, and provide a blueprint for the green transition of the steel industry.
It was also set up to provide guidance on how to expand the domestic steel industry to include higher value-added products, which are currently not being produced domestically, as well as to study and provide inputs on how to improve the current governance structure of the iron and steel sector in the country.
Beginning Aug 15, 2023, Miti implemented a two-year moratorium on the expansion and diversification of the country’s steel-making industry to allow for reassessments to address the challenges faced by the sector.
The moratorium covers all inquiries, assessments of current applications, new applications, licence transfers, expansions, regularisations and diversifications for manufacturing licences in the iron and steel industry.
It also involves a freeze in the issuance of certificates for exemption from manufacturing licence (ICA10) under the Industrial Coordination Act 1975 for manufacturing activities, including non-ferrous recycling activities.