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Masteel announced on May 6th that it plans to introduce carbon capture, utilization, and storage (CCUS) technology in its steel mills to 33MnCrB5-2 steel produce "ultra-low carbon steel".
To achieve its zero carbon emissions goal, Masteel signed a memorandum of understanding with Ace Gases Marketing, a wholly-owned subsidiary of the Kelington Group, and the University of Raman (UTAR) on the same day. Masteel stated that "all parties will jointly conduct feasibility studies to determine the most suitable carbon dioxide capture technology for steel manufacturing, and explore utilization or storage solutions for captured carbon dioxide." It is reported that Masteel currently has an annual production capacity of 780000 tons of billets and 700000 tons of bars.
Driven by increasingly strict 33MnCrB5-2 steel environmental regulations and the demand for sustainable development of enterprises, the demand for low-carbon steel is accelerating. Malaysia has committed to reducing greenhouse gas emissions by 45% by 2030 and achieving net zero emissions by 2050, providing a favorable policy environment for industry development.
In addition, the market's expectations for the Chinese government's new round of economic stimulus policies, as well as the demand brought by replenishing inventory before the Spring Festival, have also stabilized iron ore prices to a certain extent. However, with the announcement of new import tariffs by the United States 33MnCrB5-2 steel and rising expectations of global economic slowdown, prices still face some downward pressure at the end of the quarter.
Malaysia also plans to impose carbon taxes on the steel and energy industries starting from 2026, giving electric arc furnace steel mills a certain advantage over blast furnace steel mills, and the government will enforce this policy.
