MITI To Launch Iron And Steel Industry Roadmap

KUALA LUMPUR, July 22 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) will launch a roadmap to reform and future-proof Malaysia’s iron and steel sector, following the submission of the Independent Steel Committee’s (ISC) final report.

Deputy Investment, Trade and Industry Minister Liew Chin Tong, who chaired the Malaysia Steel Council (MSC) meeting yesterday on behalf of Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, said the roadmap would incorporate key proposals from the ISC report. 

“This is the first MSC meeting to convene after the submission of the ISC’s final report to MITI. Both the Malaysian Iron and Steel Industry Federation (MISIF) and the Malaysia Steel Association (MSA) expressed their appreciation and agreement with the report’s findings and recommendations, including the proposed reform of the Malaysia Steel Institute,” he said in a statement today.

Liew said one of the major initiatives would be the introduction of a carbon tax for the iron and steel sector in 2026, in collaboration with the Ministry of Finance, as previously announced under Budget 2025.

The MSC meeting also included briefings by the Royal Malaysia Police and the Malaysian Anti-Corruption Commission (MACC) on recent enforcement actions, namely Op Padu 1.0, Op Padu 2.0, and Ops Metal, which targeted substandard steel products and the smuggling of scrap metal.

“These enforcement actions are essential to safeguard the integrity of the industry and support fair competition,” Liew noted.

Also present at the meeting were MITI deputy secretary-general (Industry) Datuk Hanafi Sakri, MISIF President Roshan M Abdullah, MSA Deputy President Datuk Seri Tai Hean Leng, as well as ISC chairman and HSBC Malaysia chief executive officer Datuk Omar Siddiq.

Liew added that MITI looks forward to continued progress in driving both economic and environmental sustainability in the country’s iron and steel industry.

-- BERNAMA