Malaysia took action to revitalize the iron and steel industry

The committee will evaluate the short and medium-term outlook of the iron and steel industry and address overcapacity problems. It will also provide policy guidance on green steel production and new product development, import substitution, export promotion and consideration of industry issues linked to national security.

The committee will be chaired by HSBC Bank Malaysia Bhd CEO Omar Siddiq. The committee will also include Ong Kian Ming, Hisham Hamdan, Yeoh Wee Jin and Chen Li-Kai. Jarrod Lim will be the secretary of the committee.

Miti Minister Tengku Zafrul Aziz said that the establishment of the committee is important to ensure the durability and sustainability of the country's iron and steel industry. The minister said he expects the committee to develop solutions that will help the industry keep up with the latest green production technologies and align with Malaysia's commitment to reduce greenhouse gas emissions by 45% by 2030 and achieve carbon neutrality by 2050.