SteelAsia Manufacturing Corp., a major Philippine steel producer, unveiled its plan to build five new steel plants across the country costing P82 billion it projects will boost domestic manufacturing capabilities, reduce import dependency, and foster economic growth.
SteelAsia will build an P18 billion steel plant in Lemergy, Batangas, a P30 billion facility Candelaria, Quezon, an P8 billion plant in Davao City and two steel factories worth a total P26 billion in Concepcion, Tarlac. Construction is scheduled for completion between 2026 and 2027.
The facilities will produce a wide range of steel products such as wire rods, billets, sections, and sheet piles which are currently imported into the Philippines. By localizing production, SteelAsia aims to strengthen supply chains and support critical sectors like infrastructure development and manufacturing.
Benjamin Yao, chairman and chief executive officer of SteelAsia, said the investments will not only enhance steel production capacity but also lay the foundation for new manufacturing industries. “We are building the mother industry for manufacturing. As we expand our capabilities, our steel mills will create new job opportunities and contribute to higher economic growth rates nationwide,” he added.
Earlier this month, SteelAsia inaugurated a state-of-the-art, P10-billion steel plant in Compostela, Cebu.SteelAsia operates plants in Batangas, Bulacan, Davao, and Cebu, enabling efficient distribution and ensuring competitive pricing nationwide. The expansion into new locations is expected to further strengthen SteelAsia’s market presence and operational resilience. The company’s strategic approach aims to capitalize on regional demand for steel products while enhancing self-sufficiency in manufacturing, crucial for sustaining economic growth and resilience against global market fluctuations.
As the Philippine economy recovers from the impacts of the pandemic, investments in infrastructure and manufacturing are pivotal for generating employment and fostering industrial growth. SteelAsia’s initiative to invest P82 billion in new steel plants signals confidence in the country’s economic prospects and underscores its commitment to driving sustainable development through local production and innovation.
