SteelAsia Manufacturing Corp. announced plans to invest P82 billion in constructing five new steel plants across the Philippines to increase its annual output by 2.2 million metric tons. This investment aims to reduce the country's reliance on imported steel by enhancing local production capabilities.
The projects include an P18-billion facility in Lemery, Batangas; a P30-billion plant in Candelaria, Quezon; an P8-billion plant in Davao; and two plants in Concepcion, Tarlac, worth P26 billion. The first three plants are expected to be completed by 2026, while the two plants in Tarlac are projected for completion in 2027.SteelAsia Chairman and CEO Benjamin Yao emphasized the importance of this investment, stating, "We are building the mother industry for manufacturing. We are way behind our neighbors, but we will catch up.
" He noted that the new plants will produce steel products currently imported, such as wire rods, billets, sections, and sheet piles, which cost the country over $3 billion annually. These products will support infrastructure, construction, and various downstream manufacturing industries.
SteelAsia currently operates six plants in Batangas, Bulacan, Davao, and Cebu, supplying over 70% of the rebar used in various sectors across the Philippines. Expanding to more locations is expected to reduce transport costs and stabilize product pricing nationwide.
Recently, President Ferdinand R. Marcos Jr. attended the inauguration of SteelAsia’s plant in Cebu, which is expected to have an annual capacity of one million tons of rebar. During the event, he urged the Department of Trade and Industry to revise the Philippine steel industry roadmap. Additionally, SteelAsia secured an P8.3-billion loan from government financial institutions to support its Lemery plant project, which has also been endorsed for expedited processing by the Board of Investment.
