Malaysia's Minister of Investment, Trade, and Industry, Tengku Zafrul Aziz, announced a ten-year roadmap to transform the nation's steel industry, targeting a fully green sector by 2050. The plan aims to address steel overcapacity, with projected upstream capacity of 40.8 million tons by 2030 against a demand of only 14.7 million tons.

The roadmap includes reforming licensing, establishing a carbon pricing and transparency framework, and increasing financial access for the transition to green, higher value-added production. Since steel is a major carbon emitter, decarbonization is necessary.

Tengku Zafrul also proposed that the ASEAN regional bloc create a database on capacity to tackle overcapacity, dumping, and transshipment, and jointly develop a common decarbonization strategy, exploring regional green steel production hubs.