According to the Malaysia Steel Association (MSA) the industry wishes for the government to allocate special incentives, tax reliefs and schemes to help stimulate the consumption of local iron and steel products in the country.

The local steel industry has been affected by excessive imports in recent years and is facing huge challenges following the MCOs and lockdowns and subsequently operating at reduced capacities.

MSA’s Budget 2022 wish list is for the government to expedite the rollout of infrastructure and construction projects estimated at RM200 billion to boost demand for steel products locally.

MSA hopes for the implementation of local content requirements for domestic projects and a ‘buy local’ policy for steel products.

Also, local raw materials such as metal scrap for local processing into high value-added steel products must be retained instead of being exported.

Local steel millers have to import metal scrap in view of the supply shortage in the country.

MSA also proposes that there should be no issuance of new manufacturing licences for similar steel products except for those not produced or available locally.

-THE MALAYSIA VOICE