Malaysia is working with China to establish a government-to-government mechanism for capacity management and technology sharing within the steel industry.
“However, we need to be cautious of the emissions that follow - if all the approved steel capacity comes online, the emissions would be equivalent to having six coal-fired power plants, challenging our commitment to achieve net-zero emissions by 2050,“ he said in his speech at the 14th conference of the Malaysian Iron and Steel Industry Federation here today.
Touching on the global landscape, Liew said the construction steel consumption, especially in China, is on a downward trend. However, the production capacity built over the years remains, resulting in an excess production volume and the subsequent unloading, flooding, and even dumping of steel products in the global market.“Not too long ago, the Malaysian discourse was all about worries concerning the European Union’s carbon border adjustment mechanism .
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