Posted on 28 Aug 2024
IN an era where climate change demands urgent action, the construction industry has a pivotal role in building a sustainable future.
Malaysia Steel Works (KL) Bhd (Masteel), a leader in the Malaysian steel sector, is at the forefront of this transformation, demonstrating that a greener future is possible.
Our recent accolades at the ESG Positive Impact Awards 2023 by The Star, including the “Most Outstanding ESG Initiative of the Year” and the “Gold Award in Supply Chain Management,” underscore our dedication to ESG principles.
Investing in a greener future
The steel industry faces significant challenges in mitigating its carbon footprint. Masteel is addressing the decarbonisation challenge through innovation and green steel-making practices.
Our advanced manufacturing facilities with induction furnaces and renewable energy have achieved class-leading carbon intensity of 0.01 tCO2e/MT (Scope 1), substantially reducing greenhouse gas emissions.
These investments support our commitment to achieving net-zero carbon emissions before 2050.
Setting the benchmark for sustainable steel
Masteel is Malaysia’s first and only steel mill included in the FTSE4Good Bursa Malaysia Index, achieving the highest ESG Rating of 4 stars among main market companies listed on Bursa Malaysia.
This recognition reflects our position as the most sustainable integrated steel mill in Malaysia with ultra-low greenhouse gas (GHG) emissions.
Masteel’s integrated steel mill with ultra-low carbon emissions.
Building trust through transparency and accountability
Transparency and accountability are fundamental to our ESG strategy. Masteel is proud to be the first Malaysian steel manufacturer to adopt the Task Force on Climate-related Financial Disclosures (TCFD) and International Sustainability Standards Board (ISSB) frameworks, demonstrating our commitment to comprehensive and transparent sustainability reporting.
Fostering a sustainable value chain
We recognise that sustainability is a shared responsibility. Masteel actively collaborates with suppliers, empowering them to adopt ESG best practices and contribute to a more sustainable value chain.
Through knowledge-sharing initiatives, training programmes, and recognition platforms like the Masteel Corporate Green Awards 2023, we are fostering a network of partners dedicated to industry-wide sustainability.
Technology-enabled sustainability
Masteel leverages technology to drive efficiency and sustainability. By adopting cutting-edge solutions such as Bursa Malaysia’s Centralised Sustainability Intelligence platform and data analytics tools, we gain real-time insights into our supply chain’s carbon footprint, enabling us to make informed decisions and continuously improve our ESG performance.
Sustainability drives long-term value
At Masteel, sustainability goes beyond ethical considerations. It is a strategic imperative for long-term value creation.
By proactively addressing ESG concerns, we are mitigating risks, strengthening our brand reputation, and actively contributing to a more sustainable world.
Masteel is pioneering a new era of sustainable steel, setting new industry standards and paving the way for a greener future.
Source:The Star
