The local iron and steel industry is facing major challenges resulting from the lack of activities in China’s construction sector, Deputy Investment, Trade and Industry Minister Liew Chin Tong said.
Effective Aug 15, 2023, the Ministry of Investment, Trade and Industry has suspended all inquiries, assessments of current applications, new applications, licence transfers, expansions, regularisations and diversifications for manufacturing licence. “This moratorium gives respite for local industry players to coordinate and rebuild to face future challenges, including global overcapacity and carbon emissions.
He was responding to an additional question from Senator Tan Sri Low Kian Chuan who wanted to know the effectiveness of the government's existing initiatives to help and empower local iron and steel industry players.