Malaysia Steel Works (KL) Bhd has become the first ‘ultra low carbon emission’ integrated steel mill in Malaysia with its inclusion in the FTSE4GOOD Bursa Malaysia Index in December 2022, following its RM60 million investment in various carbon reduction initiatives.
Masteel earned 3 stars out of 4 in the Environmental, Social and Governance (“ESG”) Ratings amongst public listed companies (PLCs) in FBM EMAS, placing it within the Top 26-50% of PLCs assessed by FTSE Russell.
Amongst other major accomplishments, Masteel had decreased its overall greenhouse gas (“GHG”) emissions by a significant 47% from the baseline year of 2017 to 2021, primarily attributable to the reduction in Scope 1 emissions from the steelmaking process due to 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. This has already yielded positive results, with estimated reduction in natural gas usage of >9 Sm3/mt and a reduction of oxygen of >7 Nm3/mt2. These improvements also serve to reduce mill downtime.
The group invested approximately RM60.66 million across various carbon-reduction initiatives in its operations towards goal of reducing total CO2 emissions by approximately 7,300 tonnes. We are extremely proud of our accomplishment as Malaysia’s first ultra low carbon emission steel manufacturer, and intend to remain in the forefront of championing environmentally-responsible practices in the industry.”
Masteel has included in the FTSE4GOOD Bursa Malaysia Index as well as the FTSE4GOOD Bursa Malaysia Syariah Index, becoming one of the 991 Public Listed Companies in Malaysia to meet the standards to be a component of the FTSE Russell FTSE4GOOD Index.