Financial Highlights

KUALA LUMPUR: Ambank Group announced a financing facility of RM84 million channeled to Malaysia Steel Works (KL) Bhd (Masteel) to support technological transformation to emerge as a steel and billet producer with ultra-low greenhouse gas (GHG) emissions.

Masteel, a publicly listed company established in 1971, is the country’s first ultra-low carbon steel manufacturer listed in Bursa Malaysia’s FTSE4Good Index and given a full four-star rating for 2023.

In a statement today, AmBank Group Chief Executive Officer (CEO), Jamie Ling, said the banking group recognizes Masteel’s achievements and is excited to contribute to the company’s continued success in environmental, social and governance (ESG) aspects.

“In line with our ongoing efforts to navigate the rapidly changing economic landscape, this kind of collaboration only further proves AmBank’s commitment to ESG principles.

“This includes sustainable development which also emphasizes the importance of integrating sustainability in business strategy,” he said.

Meanwhile, the Managing Director and CEO of Masteel, Datuk Sri Tai Hean Leng, described the strong collaboration with AmBank as enabling the company to continue to strengthen its leading position in the management and sustainable production of the Malaysian steel sector as well as advance the decarbonisation agenda for the dynamic construction sector.

“It is a great honor for us when the main banking group, AmBank Group, provides a RM84 million financing facility to Masteel and supports the company’s journey as a leading green steel producer in Malaysia and the Southeast Asian region.

“In recognition of this commitment, especially taking into account the steel industry which is part of the sector that also consumes carbon, Masteel has stepped up from the status quo by emerging as the Gold Winner of the most significant performance category in a period of three years on 6 November 2023, through the ESG Edge Malaysia Awards 2023,” he said.