DTI and SteelAsia to Boost Local Steel Production and Create 15,000 Jobs

The Department of Trade and Industry (DTI) and SteelAsia Manufacturing Corporation are working together to boost steel production to meet the growing demand for steel in the country.

DTI Secretary Fred Pascual emphasized the importance of increasing local steel production. “The Philippines has a strong market demand for steel products, and now is the time to scale up domestic production,” he said. Pascual noted that the government is addressing supply chain issues and aims to lower power costs to help businesses grow.

SteelAsia is expanding its operations to include products like wires, nuts, bolts, mesh, cables, and pre-engineered steel structures. The facility uses advanced technology and operates on 80% renewable geothermal energy.

Pascual visited the new plant in Compostela, Cebu, and said it can produce around 3 million metric tons of steel rebar annually.

In this expansion, SteelAsia said that its operations will include other products such as wires, nuts, bolts, mesh, cables, and pre-engineered steel structures.

The facility is said to operate on 80% renewable geothermal energy.

SteelAsia announced a PHP65 billion investment to expand its operations, which will generate 15,000 jobs. This expansion will also help the country achieve up to 70% self-sufficiency in steel within the next two to four years.

SteelAsia has plants in Bulacan, Batangas, and Davao City, and currently has 3,000 workers.

Secretary Pascual believes that the Philippines could lead in steel production. The DTI supports this through the Board of Investments and the Green Lane initiative, which speeds up permitting and provides investment incentives.

SteelAsia CEO Benjamin Yao expressed gratitude for the DTI’s support. “For the first time in my many years of experience, we have a streamlined process that fosters a more efficient and supportive environment for businesses like ours,” he said. (ASC)