In a statement, Miti said the committee will, among others, assess the short and medium-term outlook for the iron and steel industry and address issues of overcapacity.

The committee is expected to provide guidance on policy matters, particularly in green steel production and new product development, to substitute imports, promote exports, and evaluate industry matters linked to national security.

Its minister Tengku Zafrul Aziz said the establishment of this independent committee is to ensure the resilience and sustainability of the country’s iron and steel industry.

“What is also important is for them to explore solutions to help the industry keep abreast of the latest green manufacturing technologies, to be in line with Malaysia’s commitment to reduce greenhouse gas emissions by 45% by 2030 and achieve carbon neutrality by 2050.

“Execution is key, and timing is of the essence. As such, I have requested the committee to present their comprehensive study on Malaysia’s iron and steel industry within six months,” he said.

HSBC Bank Malaysia Bhd CEO Omar Siddiq has been appointed as the committee’s chairman and will be supported by Ong Kian Ming, Hisham Hamdan, Yeoh Wee Jin, and Chen Li-Kai, while Jarrod Lim has been appointed as the secretary to the committee.