Kingspan is pleased to announce the signing of a Memorandum of Understanding (MoU) with Meranti Green Steel, a Singapore-headquartered company building what is set to be Southeast Asia’s first major green steel plant.
The collaboration marks another significant step forward in Kingspan’s strategy to procure lower carbon and green steel at scale, driven by its Group-wide Planet Passionate environmental sustainability programme. Through the programme, Kingspan aims to enhance the environmental performance of its product portfolio by reducing emissions across its manufacturing sites and reducing the carbon intensity of its key raw materials, including steel.
By partnering with Meranti Green Steel, Kingspan also aims to help accelerate the availability of green steel within the Asia Pacific (APAC) region. Demand for green steel is already showing strong promise in this region, with the APAC green steel market forecast to grow faster than any other market from 2024-2034 [1].
Meranti Green Steel will support these ambitions by supplying Kingspan with green steel for its operations in the APAC region. This will be facilitated via Meranti Green Steel’s new plant on Thailand’s east coast, which is on track to break ground at the end of 2026 and be commissioned by the end of 2029.
Meranti Green Steel’s products will be manufactured using scrap and hot briquetted iron (HBI) produced from a mix of green hydrogen and natural gas at its Oman plant, and processed in electric arc furnaces (EAFs) in Thailand. Over the next 4-5 years, Meranti Green Steel aims to increase its use of renewable energy in Thailand to 100% through direct Power Purchase Agreements and third-party access to the Thai national grid or dedicated power lines from its plant in Rayong. Letters of intent have also been signed with several private green power suppliers in Thailand, with a total proposed capacity of 1.7 GW solar, wind and hydro power. The company aims to reduce the carbon intensity of steel by up to 90% by 2045, compared to steel produced using conventional CO2-intensive production methods – from approximately 2,300 kg CO2e per tonne of steel [2] to as low as 200–650 kg CO2e per tonne of steel.
Through the partnership, Meranti Green Steel plans to deliver seven to eight million tonnes per annum (Mtpa) of green steel through a network of strategic hubs across Thailand, Oman, with potential future expansion into Indonesia, Western Australia and further locations within the APAC region.
On the collaboration, Mark Broderick, Procurement Director at Kingspan Group, said:
“Decarbonisation cannot happen in isolation – it requires a global approach and meaningful collaboration with industry partners. To play our part, we’re increasing our use of raw materials with reduced environmental impacts to deploy across our operations and product lines worldwide, driven by our Planet Passionate programme. With our LEED Platinum certified Phu My facility in Vietnam and now the signing of this MoU, we’re making real progress in the Asia Pacific region, where the potential for impact is immense. We’re looking forward to working with the Meranti Green Steel team – partnerships like these are essential to our mission of accelerating a net zero emissions built environment with people and planet at its heart.”
Harold Quek, VP of Business Development at Meranti Green Steel, added: “This collaboration with Kingspan reflects the shared urgency to accelerate the transition towards lower carbon building materials in the Asia Pacific. At Meranti, our vision is not only to supply green steel at scale, but to support the region’s Bio Circular Green economy model and its wider ESG goals. By combining Kingspan’s leadership in sustainable building solutions with our commitment to deliver high grade, low emission steel, we are taking a significant step forward in building a resilient, future ready industrial ecosystem that creates impact far beyond steelmaking.”
Kingspan’s Phu My facility is located in the Ba Ria-Vung Tau province of Vietnam and supplies insulated panels for architectural, industrial, and controlled-environment applications, such as cold storage, clean rooms, and food manufacturing, across the wider Asian region. In March 2025, Kingspan announced the facility had been accredited with the industry-leading LEED Platinum certification.