MSA members to invest RM5b in next three years to add capacity

PETALING JAYA: Malaysia Steel Association (MSA) members will invest RM5 billion in the next three years to increase industry capacity by another 3.2 million tonnes per annum.

Its president Tan Sri William Cheng said MSA members currently have a total steelmaking capacity of more than nine million tonnes, representing more than 85 per cent of the upstream steel industry output in Malaysia.

"Todate, MSA members have invested about RM14.5 billion in the local industry," he said at the launching of the association here on Tuesday, Nov 2.

Cheng said the association was formed with the objective of building on the combined strength and resources of the upstream steel companies to better compete in the global market.

Through the joint efforts and synergy of the member companies, MSA aims to re-define the industry in terms of providing leadership and enhancing the standards of the steel making industry.

Meanwhile, Cheng said the association has requested the government to impose an export duty of 30% or RM140 per tonne whichever is higher on iron ore to encourage further processing of the ore into finished products locally.

"This will create higher value addition which is retained in the country, boost greater iron ore-based manufacturing activities and generate employment opportunities," he said.

He also urged all government tenders and projects to use local materials.

MSA members are Amsteel Mills Sdn Bhd, Ann Joo Steel Bhd, Ann Joo Integrated Steel Sdn Bhd, Antara Steel Mills Sdn Bhd, Kinsteel Bhd, Malaysia Steel Works (KL) Bhd, Megasteel Sdn Bhd, Perfect Channel Sdn Bhd and Perwaja Holdings Bhd. — Bernama
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