SteelAsia Invests PHP30 Billion in Quezon Plant to Cut Steel Imports
SteelAsia Manufacturing Corp., the country’s largest steel producer, is investing PHP30 billion (513 million USD) to establish a new facility in Candelaria, Quezon. The plant will focus on producing heavy structural steel products, which are currently imported from neighboring countries. The new heavy sections plant will utilize advanced European steel technology to manufacture over 1 million tons of structural steel annually. These products include H beams, I beams, angles, channels, sheet piles, plates, and other heavy profiles. By producing these locally, the Philippines is expected to save USD1.2 billion each year on steel imports. SteelAsia chairman and chief executive officer Benjamin Yao emphasized the economic benefits of the project, stating, “We will create around 7,000 jobs