THE country’s leading steel manufacturer has completed its seventh export of reinforcement bars (rebar) to Canada worth a total of P511.24 million, with additional shipments planned for 2025.
SteelAsia Manufacturing Corp. said on Tuesday that it had successfully delivered 14,200 metric tons (MT) of rebar for Canadian infrastructure projects.
The latest shipment was sourced from the company’s Davao mill. Previous shipments came from SteelAsia’s mill in Batangas totaling more than 41,400 MT worth P1.58 billion.
For 2025, the steel manufacturer plans to ship another 30,000 MT with an estimated value of P1.2 billion, with bigger shipments to be sourced from its Davao mill.
SteelAsia Chairman and CEO Benjamin Yao said that the firm’s entry into the First World market was a strong start for a full-fledged steel industry in the Philippines.
“It will be the mother industry that will give birth to new businesses in construction, infrastructure, car making, shipbuilding, and appliance production, to name just a few,” he added.
SteelAsia currently operates five mills located Batangas, Bulacan, Davao, and Cebu. Its combined production capacity makes it among the largest rebar manufacturers in Southeast Asia.
To reduce the country’s reliance on imports, SteelAsia is putting up new plants in the next five years in various parts of the Philippines for a total investment cost of about P82 billion.
It said that P18 billion would go to a plant in Lemery, Batangas; P30 billion to another facility in Candelaria, Quezon; P8 billion for another plant in Davao City; and two facilities in Concepcion, Tarlac, worth P26 billion.
The Tarlac plants are expected to be completed in 2027 while the rest are targeted to be finished in 2026.
Yao also said that the new plants would help achieve self-sufficiency, noting that the country spent more than $3 billion in 2022 to import steel products such as wire rods, billets, sections and sheet piles.
The company’s upcoming projects were said to have been presented to President Ferdinand Marcos Jr. when he inaugurated SteelAsia’s P10-billion plant in Compostela, Cebu, earlier this year.
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