Masteel, a publicly-listed company established in 1971, is the first ultra-low emission steel manufacturer in the nation listed on the FTSE4Good Bursa Malaysia Index with a rating of four out of four stars for 2023.

In a statement, AmBank group CEO Jamie Ling said the group acknowledges Masteel’s achievements and is eager to contribute to the company’s ongoing success in environmental, social and governance (ESG) practices.

“As we continue to navigate a rapidly evolving economic landscape, a partnership like this signifies our joint commitment to ESG principles that include sustainable development while emphasising the importance of integrating sustainability into business strategies,” he said.

Meanwhile, Masteel managing director and CEO, Tai Hean Leng, said that with the strong partnership with AmBank, the company will further galvanise its pole position in sustainable management and production in the Malaysian steel sector and advance its agenda to decarbonise the dynamic Malaysian construction sector.

“It is indeed a great privilege for us to have Malaysia’s premier banking group, AmBank Group, provide Masteel with RM84 million in financing facilities to support our journey as the leading publicly-listed green steel producer in Malaysia and the Southeast Asian region,” he said.

At the close of trading, Masteel’s share price was up by 0.5 sen or 1.47% at 34 sen, giving it a market capitalisation of RM234.3 million.

Meanwhile, AmBank Group’s share price was up by one sen or 0.24% at RM4.19, giving it a market capitalisation of RM13.89 billion.