The steel produced by these new plants will have applications in infrastructure and construction, and in various downstream steel-intensive manufacturing industries.
The planned plants will be located in:
• Lemery, Batangas (P18 billion)
• Candelaria, Quezon, (P30 billion)
• Davao City, (P8 billion), with completion expected by 2026
• Two plants in Concepcion, Tarlac, (P26 billion), slated for completion by 2027
SteelAsia chair and CEO Benjamin Yao announced that these new plants will produce steel products currently imported, such as wire rods, billets, sections, and sheet piles.
In 2022, the Philippines spent over $3 billion (P175 billion) on importing these steel products.
“We are building the mother industry for manufacturing. We are way behind our neighbors but we will catch up. And as we do so, our mills and steel products will create new manufacturing industries that will result in more jobs and higher skilled workers, and economic growth, among others”, Yao said.
President Marcos inaugurated SteelAsia’s cutting-edge P10-billion plant in Compostela, Cebu earlier this month. During the event, he emphasized the importance of revitalizing the local steel industry and pledged government support for SteelAsia’s expansion plans.
SteelAsia’s existing plants are strategically located in Batangas, Bulacan, Davao, and Cebu to minimize transport costs and maintain uniform pricing for customers across the country.
