Masteel first ‘green’ steel mill listed on FTSE4GOOD


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Masteel earned three stars out of four in ESG ratings among companies in the FBM EMAS.

PETALING JAYA: Malaysia Steel Works (KL) Bhd (Masteel) has become the first ultra-low carbon emission integrated steel mill listed on the FTSE4GOOD Bursa Malaysia Index, having invested over RM60 million in various carbon dioxide (CO2) emission reduction initiatives in its operations.

MD and CEO Tai Hean Leng said Masteel’s pioneering achievement on the FTSE4GOOD index was borne out of the dedication, foresight and success in revolutionising the steel-making industry at its core manufacturing process.

He said the integrated steel manufacturer earned three stars out of four in the environmental, social and governance (ESG) ratings among public-listed companies (PLCs) in FBM EMAS, placing it within the top 26-50% of PLCs assessed by FTSE Russell.

The FTSE4Good Bursa Malaysia Index highlights companies that demonstrate a commitment to addressing ESG risks.

“We have invested approximately RM60.66 million across various CO2 reduction initiatives towards our goal of reducing total CO2 emissions by approximately 7,300 tonnes,” he said in a statement today.

He also said the group aims to reduce emissions by a further 10% by 2026 and 15% by 2031.

“At the same time, we will also expand our emissions monitoring systems from Scopes 1 and 2 currently to include Scope 3, to implement incremental step-ups in a systematic and sustainable manner,” he said.

He noted that Masteel has been focusing on minimising other air pollutants in addition to CO2 emissions mitigation measures, including the installation of a continuous emissions monitoring system at the Bukit Raja, Klang plant in 2021.

FTSE4Good caters to investor demand for ESG and Shariah-compliant index solutions.

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