SteelAsia Manufacturing Corp., the Philippines’ largest steel producer, said over the weekend that it has produced its first steel bar in its Cebu steel mill as the facility entered the final phases of commissioning, with commercial operations seen starting next month.
The Development Bank of the Philippines (DBP) funded the project through a long-term loan agreement back in June of 2020 amounting to P5.7 billion.
SteelAsia said it took only 30 months to complete the facility, despite the challenges brought by the global outbreak of the coronavirus, as well as the supply chain disruptions caused by the health crisis.
Once the steel mill begins production, it will create 500 direct and 2,500 indirect jobs, according to SteelAsia.
Source: Business Inquirer
July 21, 2023
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