Marcos Tasks DTI with Elevating PH Steel Industry Roadmap

President Ferdinand “Bongbong” Marcos Jr. has directed the Department of Trade and Industry (DTI) to update the country’s Iron and Steel Roadmap to ensure its ongoing stability and relevance amid domestic and global challenges. The announcement was made during the inauguration of the SteelAsia Compostela Works in Cebu province.

Once fully operational, the Compostela Works will have an annual production capacity of one million tons of rebar, making it the nation’s largest steel plant. Marcos emphasized the importance of this facility, noting that local production of basic steel products will contribute to more inclusive and sustainable opportunities, diversify the steel industry, and stabilize the economy.

“In consultation with industry players, I urge the DTI to update the Iron and Steel Roadmap to ensure its continued stability and relevance amidst domestic and global challenges and trends,” Marcos said.

He highlighted the administration’s commitment to investing in the country’s future, despite economic and political challenges that have previously hindered the steel industry’s growth.

Marcos also called on the DTI and the Department of Energy to address the high power and logistics costs that burden the industry, expressing his anticipation for a concrete and feasible plan to improve the country’s steel trade balance in the coming years.