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Material Sustainability Matters

Grasping the changing business landscape is crucial for Masteel to leverage both current and upcoming opportunities while also planning strategies to lessen potential risks that could impact our value creation.  The process of materiality assessment is pivotal for recognising and ranking sustainability issues, offering clarity on subjects significant to all our stakeholders.

In FY2022, we conducted an online survey to assess materiality, identifying 15 key material sustainability matters (“MSM”) significant to Masteel. For FY2023, we engaged in a comprehensive review process in reference to Bursa Malaysia’s Sustainability Toolkit: Materiality Assessment (3rd Edition) and the GRI Standards. This review process aimed to capture and highlight the significance of each material matter through the lens of our stakeholders, focusing on its impact on our business growth. Such insights will enhance our ability to analyse and navigate sustainability related risks and opportunities in future years. The review process confirmed that the 15 identified Material Sustainability Matters (“MSM”) remain highly significant for Masteel in FY2023.

This report details the four crucial stages of our assessment and review procedure: identification, evaluation, prioritization, and validation.  Additionally, it describes our structured method for comprehensively understanding and tackling sustainability issues.