According to a statement from Malaysia's Ministry of International Trade and Industry (MITI), the government is determined to work with the domestic iron and steel industry to make it more competitive. Accordingly, Malaysia's import duty exemption for 18 steel grades will be removed as of February 1.
The MITI has described the restructuring of the steel industry as a matter of "national importance," adding that both the industry and the government are assuming "shared responsibility" for its future.
The government will take appropriate measures to promote the development of the domestic steel industry, while respecting Malaysia's international obligations to promote free and fair trade. At the international level, the government's role will be to secure better market access for Malaysia's steel products through free trade agreements.
The MITI also announced that the Malaysia Steel Institute (MSI) will be established in the first quarter of 2013 and "will have an important role to play, especially in human resource development, research and development, formulation of standards and laboratory testing for the industry".
