SteelAsia Manufacturing Corp., the Philippines largest steel manufacturer, reported it has exported over 36,000 metric tons of high-strength steel bars to Canada for use in its infrastructure projects, bringing its total exports to P1.32 billion.
SteelAsia Chairman and CEO Benjamin Yao said in a statement that the steel bars were produced using green steel production methods.
“We have broken through the First World market where quality and performance standards are the highest. We have invested in the best available technology to produce the highest quality steel products and these shipments are our initial reward, and a validation of our reliability and capability,” said Yao.
SteelAsia has been using geothermal energy to recycle steel scrap into high-value, infrastructure-grade steel bars. This technology not only supports the Philippines’ infrastructure program but also promotes sustainability in steel production.
The latest shipment is SteelAsia’s fifth export, bringing the total value of its exports to $24 million or approximately P1.32 billion, the company said.
Yao’s vision is for the Philippines to have its own integrated steel industry that will give birth to new industries and businesses such as those that produce ships, cars, appliances, and support others like construction and housing.
For now, the country imports most of its steel needs, sapping the country’s dollars and surrendering employment opportunities to other countries.
“In the Philippines, we export our resources such as steel scrap and iron ore, then import back finished steel products. This is a tragedy because the value and the jobs are created in another country and, in the meantime, the Philippines is import-dependent. We need job creation here, and that’s what having our own steel industry does” Yao said.
He said the solution is to invest in state-of-the-art steel mills.
Yao has lined up investment in new plants, on top of its existing ones scattered all over the archipelago, each one a state-of-the-art steel plant.
SteelAsia is the largest rebar manufacturer in Southeast Asia and operates three steel mills in Luzon, two in the Visayas, and one in Mindanao.
Source: Manila Bulletin
March 22, 2023
March 23, 2023