Sustainable Steel Strides: AmBank Empowers Masteel

Malaysia Steel Works
Malaysia Steel WorksImage Source: Malaysia Steel Works

Synopsis:

Amidst Malaysia's steel transformation, AmBank Group extends a RM84 million financing facility to Malaysia Steel Works (Masteel) for its eco-friendly evolution into the nation's first ultra-low greenhouse gases emission steel producer. Masteel, listed on the FTSE4Good Bursa Malaysia Index, aims for sustainability leadership, garnering a Gold Winner accolade at the Edge Malaysia ESG Awards 2023.

Article:

In a pivotal move towards sustainable steel production, AmBank Group has granted a substantial RM84 million financing facility to Malaysia Steel Works (Masteel). This strategic partnership aims to propel Masteel into becoming Malaysia's foremost ultra-low greenhouse gases (GHG) emission steel producer, specifically focusing on steel bars and billets.

Established in 1971, Masteel has embarked on a transformative journey, positioning itself as a pioneer in eco-friendly steel manufacturing. The company proudly holds the distinction of being the first ultra-low emission steel manufacturer in Malaysia, as reflected in its four-star rating on the FTSE4Good Bursa Malaysia Index for 2023.

Jamie Ling, the CEO of AmBank Group, expressed the group's acknowledgment of Masteel's significant achievements. Ling emphasized the shared commitment to Environmental, Social, and Governance (ESG) principles, highlighting the importance of integrating sustainability into business strategies. Against the backdrop of a rapidly evolving economic landscape, this partnership underscores the joint dedication to sustainable development.

Masteel's Managing Director and CEO, Datuk Sri Tai Hean Leng, hailed the strong partnership with AmBank as a catalyst for advancing their position in sustainable management and production within the Malaysian steel sector. The RM84 million financing infusion is seen as a testament to AmBank's confidence in Masteel's commitment to green steel production.

In the context of the steel industry being categorized as a "hard-to-abate" sector, Masteel has defied conventions. The company's remarkable achievement as the Gold Winner for the most improved performance over three years at the Edge Malaysia ESG Awards 2023 attests to its unwavering commitment to environmental stewardship.

Conclusion:

In conclusion, the collaboration between AmBank Group and Masteel marks a significant stride towards sustainable practices in the Malaysian steel industry. The infusion of RM84 million reflects a shared vision for green steel production, aligning with ESG principles. Masteel's dedication to ultra-low GHG emission steel, coupled with accolades for improved performance, positions it as a leader in driving positive environmental impacts within the steel sector.

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