He said the 10-year Steel Industry Roadmap 2035 (SIR 2035), launched today, lays out 15 strategies across three phases.

The short-term phase, running from this year to 2027, focuses on stabilising the industry through managing overcapacity, restructuring licensing frameworks and taking action against illegal operators.

The second phase (2027 to 2035) aims at transforming production and capabilities.

The final phase (2035 to 2050) targets talent development and achieving Malaysia’s net-zero greenhouse gas commitments.

During the launch, Tengku Zafrul said the roadmap will shift the local steel industry towards higher-value products to meet demand from the automotive and electrical or electronics sectors.

“We are not producing products that are as advanced as we could be, resulting in us importing in high volumes.

“Our steel industry is not investing in areas that have high demand. We need to (intervene by) facilitating it,” he said.

He said oversupply would be tackled through measures against illegal dumping and extending the moratorium in the iron and steel sector.

Tengku Zafrul also proposed a regional framework for Asean members to establish a common database on the capacity and utilisation of steel production.

“There should be a common decarbonisation pathway along with harmonised green steel standards. It should also safeguard regional scrap flows,” he saidd.