Investment in the Steel Industry in Malaysia

Steel Industry

A group of upstream companies from the Malaysia Steel Association (MSA) is preparing to invest about Rm5bil within the next three years in an effort to increase and intensify the competitiveness and sustainability of the local iron and steel industry.

MSA president Tan Sri William Cheng stated that “With the support from the government, MSA members will assume investment that involves increasing their capacity, productivity and also, a modernisation in technology and quality.”

The total steelmaking capacity of MSA members is 9.6 million tonnes, which sums up to 81% of the upstream steel industry in Malaysia.

They include the giant steel companies like Alliance Steel (M) Sdn Bhd, Amsteel Mills Sdn Bhd, Antara Steel Mills Sdn Bhd, Eastern Steel Sdn Bhd, Established Metal Industries Sdn Bhd, Kinsteel Bhd, King Hong Steel Sdn Bhd and Malaysia Steel Works (KL) Bhd.

MSA members until now have invested around Rm14.5bil in the local steel industry, Cheng said at the association’s dinner themed “Steel – The Foundation of The Nation” with the International Trade and Industry deputy minister Ong Kian Ming as the guest of honour held here last Friday.

He stated that “To empower our steel industry and the downstream industries to grow and enable them to make a contribution to the country’s wealth and development, we need the support and help of the government to articulate policies to encourage the local industries to grow and compete on a level playing field with the foreign manufacturers.”

The steel industry also needs to invest in human resources for the development of the country as human capital is fundamental for any industry to perform well, added Cheng.

“People need to be trained not only in the hard skills like producing more scientists and technicians to undertake research and development; we also need people to be experts in soft skills who can multi-task, communicate and are familiar with more than one language.

 

 

 

Shreyas Tanna

About Shreyas Tanna

The winner of Mr. Pune 2009 Pageant, Mr. Shreyas Tanna is currently the young, dashing, and dynamic CEO of a market research company called Research N Reports in Pune. Fondly known as RNR, the company specializes in market research as well as industry analysis, and is closely associated with its parent company Absolute Markets Insights (AMI). Mr. Shreyas Tanna began his corporate journey as the Head of Corporate sales & PR at RED Entertainment while pursuing his degree for MMS (Marketing) from the MGM College of Management, Mumbai. After accomplishing the tedious task of balancing his work and education, he further polished his skills in Corporate Sales, Public Relations, Channel Development, Global Client Engagement, Strategic Consulting, and Brand Development by working with HDFC Life and ResearchMoz Global Pvt. Ltd. His dedication towards his work has even won him accolades such as the National Level Performer 2013 – HDFC Life and Mr. ResearchMoz 2015. A disciplined individual with a loving heart, he is often seen taking crisp walks with an engrossed look and a gentle smile within the premises of his company to interact with the various departments. And he will be usually followed by an adorable trail of his beloved trio of Shih Tzu babies proudly known as Gucci, Drake, and Paris. The most enticing thing that you will notice about this content and proud pet parent is his infectious positivity and the firm belief in his eyes, a reflection of his favorite quote, “LIFE IS BEAUTIFUL!”

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