Philippines to Save $1.2 Billion Annually with SteelAsia’s New Plant

SteelAsia Manufacturing Corp. has announced plans to establish a P30-billion steel plant in Candelaria, Quezon, to produce heavy structural steel products currently imported into the Philippines.

The plant is expected to commence commercial operations in 2027, following the recent awarding of the engineering, procurement, and construction management (EPCM) contract to MCC Huatian Engineering & Technology Co. Ltd. MCC Huatian, a leader in China’s steel industry, has constructed over 230 steel plants across 14 countries, with a total installed capacity exceeding 200 million tons.

Economic and Operational Impact

Once operational, the plant will save the Philippines $1.2 billion annually by reducing dependency on steel imports. Import delivery times will also be shortened from three to four months to just one to two weeks.

SteelAsia chairman and CEO Ben Yao emphasized the job creation benefits, stating, “We will create around 7,000 jobs instead of giving jobs to China, Vietnam, Thailand, Korea, and Japan, our major suppliers.” He also highlighted the plant’s potential to accelerate construction projects and lower costs, calling it a “game changer” for the infrastructure sector.

SteelAsia’s Recent Achievements

In November 2024, SteelAsia exported high-strength steel bars worth P511.24 million to Canada, marking its seventh shipment to the country. Earlier shipments totaling P1.58 billion originated from its Batangas facility.

In July 2024, the company inaugurated its newest mill in Compostela, Cebu, with President Ferdinand “Bongbong” Marcos Jr. attending the event.