Posted on 16 Dec 2024
The Malaysian Iron and Steel Industry Federation (Misif) has called for the Independent Steel Committee (ISC) to release the findings of its study conducted, including recommendations and proposals, to the public.
In a statement, Misif stressed such transparency would provide stakeholders with the necessary insights, enabling them to take informed and strategic actions aligned with the broader industry direction envisioned by the government.
The statement by the federation was dated Dec 15 after the Ministry of Investment, Trade and Industry (Miti) announced last Friday (Dec 13) that it had completed consultations with various stakeholders regarding the industry’s challenges and aspirations, and the ISC had presented its findings to the ministry for further action.
However, Miti did not reveal the findings of the report, raising concerns among the players in the steel industry.
In August last year, Miti imposed 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.
In the latest statement, the national industry association for manufacturers of iron and steel products acknowledged the efforts of Miti, under the leadership of Miti Minister Tengku Datuk Seri Utama Zafrul Aziz Tengku Aziz in fostering a "fair and sustainable iron and steel industry in Malaysia".
“Misif also sincerely appreciates the efforts of the ISC, chaired by HSBC Bank Malaysia chief executive officer Datuk Omar Siddiq, in conducting comprehensive stakeholder consultations to examine the sector's challenges and aspirations and for presenting its findings to the ministry,” the federation added.
The ISC was tasked with reviewing and providing recommendations on the short-, medium-, and long-term roadmap for the entire iron and steel industry value chain. The roadmap aligns with the National Investment Aspirations (NIA) and NIMP 2030 and includes 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.
Source:The Edge
