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Malaysian government addresses steel oversupply issue

The Malaysian government has introduced a two-year "production capacity suspension order" to address the issue of steel oversupply and allow steel manufacturers time to adapt their operations.

Malaysian government addresses steel oversupply issue

Under this order, steel manufacturing licenses that adhere to decarbonization standards, such as producing low-carbon steel or employing carbon reduction technologies, will be exempted. This move aims to encourage the advancement of green steel technologies.

Despite attracting significant investment in green steel, Malaysia continues to face challenges with steel oversupply. While steel consumption in the country has been rising steadily, production capacity surpasses demand, leading to heightened competition within the industry.

This policy has impacted the expansion and diversification plans of steel mills across the board. Some industry insiders argue that Malaysia's steel sector requires greater innovation and investment to address oversupply issues and enhance competitiveness and sustainability.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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