In the fight against climate change, the construction industry has a crucial role to play. Malaysia Steel Works (KL) Bhd, also known as Masteel, is leading the way in making steel production more environmentally friendly.
Masteel recently received major recognition at the ESG Positive Impact Awards 2023. The company won the “Most Outstanding ESG Initiative of the Year” and the “Gold Award in Supply Chain Management,” showing its strong commitment to environmental and social governance (ESG). The steel industry is known for its high carbon emissions, but Masteel is working to change that. With modern induction furnaces and the use of renewable energy, Masteel has reduced its carbon emissions to just 0.01 tons of CO2 per metric ton of steel. This achievement puts the company on track to reach net-zero carbon emissions by 2050.
Masteel has also been recognized as the only Malaysian steel mill on the FTSE4Good Bursa Malaysia Index, earning a top ESG rating of 4 stars. This highlights its position as the most sustainable steel mill in Malaysia with exceptionally low greenhouse gas emissions. Transparency is key for Masteel. It is the first Malaysian steel manufacturer to adopt both the Task Force on Climate-related Financial Disclosures (TCFD) and the International Sustainability Standards Board (ISSB) frameworks, ensuring clear and thorough reporting on its sustainability efforts.
Understanding that sustainability involves everyone, Masteel works closely with its suppliers to promote ESG best practices. It provides training and recognition through initiatives like the Masteel Corporate Green Awards 2023. Technology helps Masteel stay on track. By using advanced tools such as Bursa Malaysia’s Centralised Sustainability Intelligence platform, the company monitors its carbon footprint and continuously improves its ESG performance.
For Masteel, focusing on sustainability is not just a moral choice but a smart business strategy. The company is setting new industry standards and leading the way toward a greener future.
