Latest news with #MalaysiaSteelAssociation
New Straits Times
16-07-2025
- Business
- New Straits Times
MACC's crackdown on illegal steel scrap bolsters fair trade practices: Industry body
KUALA LUMPUR: Malaysia Steel Association (MSA) says Malaysian Anti-Corruption Commission's Ops Metal initiative is strengthening fair trade practices, while supporting economic integrity and the development of sustainable supply chains. It said the illegal outflow of steel scrap results in domestic supply shortages, driving up costs and affecting the production output of local manufacturers. Ops Metal saw enforcement actions carried out at 19 locations, with illicit activities causing Malaysia to reportedly lose more than RM950 million in tax revenue over the past six years, averaging RM160 million each year. MSA said such substantial losses undermine the country's fiscal stability and erode market confidence. "Illicit exports directly undermine Malaysia's industrial decarbonisation efforts. Steel scrap is essential for low-carbon steel production, leading to substantially lower greenhouse gas emissions compared to traditional methods. "A secure and transparent domestic scrap supply is therefore paramount for achieving Malaysia's Net Zero by 2050 commitment, aligning with the New Industrial Master Plan 2030 which identifies basic metals as a key enabler of the green economy," it added. MSA said illicit steel scrap activities directly endanger the industry's sustainability, emphasising that this essential raw material is crucial for maintaining robust industrial operations, supporting job creation and driving sustainable national development. It added that coordinated, multi-agency efforts involving key government enforcement and financial bodies are essential to effectively combat illicit activities. "To ensure vital material supply for essential projects and long-term sustainability, MSA urges implementation of strategic frameworks that will enhance transparent domestic scrap circulation, facilitate circular economy integration, and ensure the continuity of low-emission steel production," it said. The association added that such measures are crucial to support Malaysia's infrastructure growth and climate goals, as they help strengthen industrial stability, uphold environmental responsibilities and boost global competitiveness.
The Sun
16-07-2025
- Business
- The Sun
Ops Metal key to restoring supply chain integrity and investment confidence
KUALA LUMPUR: The Malaysia Steel Association (MSA) has emphasised the importance of the Malaysian Anti-Corruption Commission's (MACC) 'Ops Metal' in safeguarding supply chain integrity and reinforcing investor trust. The operation targets illegal scrap metal exports, which have cost Malaysia RM950 million in lost tax revenue over six years. The MSA stressed that unchecked scrap outflows threaten industrial resilience, climate targets, and job creation. It urged stronger frameworks for transparent domestic scrap circulation to support low-emission steel production and circular economy goals. 'Multi-agency collaboration is vital to curb smuggling and align with Malaysia's infrastructure and climate commitments,' the MSA stated. The recent raids, including at NationGate Solution (M) Sdn Bhd, uncovered systemic tax evasion averaging RM160 million annually. The steel sector, contributing 2.5% to GDP and supporting 112,000 jobs, faces supply shortages and inflated costs due to illegal exports. The MSA warned these activities jeopardise Malaysia's Net Zero 2050 target and NIMP 2030's green economy vision. MITI's actions against tariff circumvention were commended, with the MSA reiterating the need for market discipline to sustain economic stability and supply chain security. - Bernama
