In order to achieve its net-zero emissions target by 2050, Masteel announced on May 6 that it had signed a memorandum of understanding (MoU) with Ace Gases Marketing, a wholly-owned subsidiary of Kelington Group Berhad and Universiti Tunku Abdul Rahman (UTAR). The company plans to introduce Carbon Capture, Utilization, and Storage (CCUS) technology in its steel mills to produce ultra-low carbon steel.

The three parties signing the MoU will jointly conduct a feasibility study to determine optimal CO2 capture technologies for steelmaking and explore the utilization or storage options of the captured CO2. This study will enable Masteel to further reduce its carbon footprint and meet the industry's demand for sustainable steel.

Masteel currently has an annual production capacity of 780,000 tons of billets and 700,000 tons of bars. This collaboration on CCUS technology reflects Masteel's active efforts to address the challenges of climate change, ensure the long-term sustainability of its operations, and move towards its goal of becoming Malaysia's first net-zero emissions steel mill.