Masteel raises industry benchmarks

Masteel MD/CEO Tai said the group aimed to reduce emissions by a further 10% by 2026, and 15% by 2031.

PETALING JAYA: Malaysia Steel Works (KL) Bhd (Masteel) has raised industry benchmarks as the first “ultra low carbon emission” integrated steel mill in Malaysia, with its inclusion in the FTSE4GOOD Bursa Malaysia Index in December 2022.

In a statement, the integrated steel manufacturer said it decreased its greenhouse gas or GHG emissions by 47% from 2017 to 2021, due to the reduction in Scope 1 emissions from the steel-making process as a result of the transition to new steel-making technologies starting in 2018.

The new facilities also reduce energy inputs required from natural gas and oxygen.

Masteel had completed the construction of a curtain wall of its reheating furnace which resulted in the further decrease usage of natural gas. These improvements also serve to reduce mill downtime.

Masteel earned three stars out of four in the environmental, social and governance ratings among public-listed companies (PLCs) on FBM EMAS, placing it within the top 26% to 50% of PLCs assessed by FTSE Russell.

Masteel managing director and CEO Datuk Seri Tai Hean Leng said the group aimed to reduce emissions by a further 10% by 2026, and 15% by 2031.

“At the same time, we will also expand our emissions monitoring systems from Scopes 1 and 2 currently to include Scope 3, to implement incremental step-ups in a systematic and sustainable manner.

“We have invested RM60.66mil across various carbon-reduction initiatives in our operations towards our goal of reducing total CO2 emissions by 7,300 tonnes,” he said.

Masteel was included in the FTSE4GOOD Bursa Malaysia Index as well as the FTSE4GOOD Bursa Malaysia Syariah Index.

The assessment by FTSE4GOOD was based on information contained within Masteel’s Sustainability Report 2021 as well as public domain as at October 2022.

Also, Masteel is focused on minimising other air pollutants.

The group had installed a continuous emissions monitoring system at the Bukit Raja plant in 2021, which can track particulate matter, NO2 and SO2 emissions in real-time.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Masteel , GHG , emissions , carbon , steelmill


Next In Business News

Bursa struggles to stay above key support
Trading ideas: Sapura Energy, Dayang, Bina Puri, Borneo Oil, Tropicana, Revenue and PBA Holdings
Growing demand for solar energy to spur Solarvest
Australia’s NEXTDC to build RM3bil data centre
Bank watchdogs zero in on near-term climate risk
Economists challenge Fed view that low rate times will return
Jendela briefing plan a positive for telecoms sector
Japan’s economy grows faster than estimated amid election talk
SunCon to sell machinery for RM43mil
Bursa Malaysia ends lower for second day

Others Also Read