Cebu City – Department of Trade and Industry (DTI) Secretary Fred Pascual and SteelAsia Manufacturing Corporation executives lean towards a possible partnership to significantly boost Philippine steel production.
“The Philippines has a strong market demand for steel products, and now is the time to scale up domestic production. To achieve this, the DTI is working closely with industry leaders like SteelAsia,” said Secretary Pascual.
“We at DTI are building a conducive environment for these businesses to thrive. The government is actively addressing supply chain challenges, and I am confident we'll soon see a reduction in power costs,” he added.
A visit to SteelAsia's seventh and newest plant in Compostela Cebu on May 23 offered a glimpse into the inner workings of SteelAsia, which boasts a 3-million-metric-ton production capacity of steel rebar. Its ongoing expansion pipeline will generate economic opportunities for local production of essential downstream products like wires, nuts and bolts, mesh, cables, and even pre-engineered steel structures. Beyond its production capabilities, SteelAsia’s state-of-the-art facility leverages cutting-edge technology to minimize its environmental impact and proudly operates on 80 percent renewable geothermal energy.
SteelAsia has strategically located plants in Bulacan, Batangas, and Davao City. Further solidifying its vision for the Philippines, the company announced a staggering PHP 65 billion investment earmarked for expanding its operations across the country.
This expansion plan is projected to create 15,000 new jobs on top of its existing workforce of 3,000 employees. It is also set to propel the Philippines towards achieving up to 70 percent self-sufficiency in its steel supply chain within the next two to four years.
This strategic move directly addresses the Philippines' current reliance on imported steel. By expanding into a wider variety of steel products, SteelAsia aims to significantly reduce dependence on foreign suppliers—empowering the Philippines to cater to its steel demands while fostering a robust domestic steel industry. PR