Oversea-Chinese Banking Corporation (OCBC) is channelling capital through its mezzanine financing arm to Singapore-based Green Esteel Pte Ltd, supporting the development of a US$1.5 billion low-carbon steel project in Malaysia. While the investment amount remains undisclosed, the funding will help build a facility designed to produce hot-briquetted iron (HBI) — a critical feedstock for low-carbon steel production.
The Malaysian plant, in which Green Esteel is a major shareholder alongside Singapore-listed BRC Asia, is expected to reach an annual capacity of 2.5 million tonnes and commence operations by 2030.
According to OCBC, the project’s low-carbon steelmaking approach could cut emissions by up to 80% compared with traditional production methods, marking a significant step forward for the region’s industrial decarbonisation efforts.
