SteelAsia, the Philippines’ largest steel maker, said it plans to invest P82 billion in the construction of five new steel plants over the next four years.
SteelAsia chairman and chief executive Benjamin Yao said the investments aim to replace costly steel imports, stimulate economic growth and create new jobs across the country.
“These new plants will produce steel products that are currently imported, costing the country over $3 billion annually. The steel produced will be vital for infrastructure, construction, and various manufacturing industries,” he said.
The plants will be strategically in Lemery, Batangas; Candelaria, Quezon; Davao City; and Concepcion, Tarlac. The first three are expected to be completed by 2026, while the remaining two in Tarlac will be operational by 2027.
Yao said the investments would establish the foundation for a thriving manufacturing sector in the Philippines, generating more jobs and upskilling the workforce.
President Ferdinand Marcos Jr. highlighted the importance of revitalizing the local steel industry and pledged government support for SteelAsia’s expansion plans during the inauguration of the company’s P10-billion Compostela, Cebu plant earlier this month.
SteelAsia operates plants in Batangas, Bulacan, Davao and Cebu to minimize transportation costs and ensure competitive pricing nationwide.
