KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) is set to launch a comprehensive roadmap aimed at reforming and strengthening Malaysia’s iron and steel industry.
This follows the submission of the final report by the Independent Steel Committee (ISC), which outlines key recommendations for sector improvements.
Deputy Investment, Trade and Industry Minister Liew Chin Tong, who chaired the Malaysia Steel Council (MSC) meeting yesterday, confirmed that the roadmap will integrate proposals from the ISC report.
“This is the first MSC meeting since the ISC report was submitted. Both the Malaysian Iron and Steel Industry Federation (MISIF) and the Malaysia Steel Association (MSA) have endorsed its findings, including reforms for the Malaysia Steel Institute,“ he said in a statement.
A major initiative under the roadmap will be the implementation of a carbon tax for the iron and steel sector starting in 2026.
This move, coordinated with the Ministry of Finance, aligns with measures announced in Budget 2025.
The MSC meeting also featured updates from enforcement agencies, including the Royal Malaysia Police and the Malaysian Anti-Corruption Commission (MACC), on recent operations targeting substandard steel products and scrap metal smuggling.
“These actions are crucial to maintaining industry integrity and ensuring fair competition,“ Liew emphasized.
Key attendees included MITI deputy secretary-general (Industry) Datuk Hanafi Sakri, MISIF President Roshan M Abdullah, MSA Deputy President Datuk Seri Tai Hean Leng, and ISC chairman Datuk Omar Siddiq.
Liew reiterated MITI’s commitment to advancing economic and environmental sustainability in Malaysia’s iron and steel sector. - Bernama
