MITI Commits To Steel Industry Sustainability, Engages Industry Players

KUALA LUMPUR, Feb 26 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) has reaffirmed its commitment to restructuring Malaysia’s steel industry to enhance sustainability, recognising it as a strategic sector for the country.

MITI Deputy Minister Liew Chin Tong and Secretary-General Datuk Hairil Yahri Yaacob recently engaged with the Malaysian Iron and Steel Industry Federation (MISIF) and the Malaysia Steel Association (MSA) regarding the industry's outlook and challenges.

“Acknowledging the significant hurdles faced by the sector over the past decade, MITI urged both associations to collaborate closely with the ministry to develop a comprehensive restructuring plan and achieve a broad industry consensus,” MITI said in a statement.

The ministry said the key issue raised during the discussions was the impending tariffs on steel and aluminium imposed by the United States, which are set to take effect on March 12. “The tariffs could lead to an influx of foreign steel originally destined for the United States being redirected to Southeast Asian markets, potentially disrupting Malaysia’s steel industry,” it added.

-- BERNAMA