The Philippines-based steel producer SteelAsia Manufacturing Corporation has unveiled an ambitious expansion plan worth almost PHP 75 billion ($1.31 billion) that will nearly double its production capacity by 2028. With new four plants set to rise in key provinces, the initiative underscores the company’s role in strengthening the nation’s steel industry, meeting infrastructure demand, and advancing green steel production.
Massive investment in four provinces
The company is investing in four major projects across the Philippines:
- PHP 30 billion ($524.98 million) to build Candelaria plant which will be operational in the third quarter of 2027.
- PHP 20 billion ($349.98 million) to build Lemery plant, which is expected to be operational in the second quarter of 2026 and will be the first steel beam manufacturing facility in the Philippines.
- PHP 17 billion ($297.47 million) to build Concepcion plant, which is scheduled to be operational in the second quarter of 2028 and will focus on rebar and wire rod production.
- PHP 7 billion ($122.49 million) to build an electric arc furnace at Davao plant.
These projects will push SteelAsia’s annual output to 4.8 million mt from the current 2.5 million mt, cementing its dominance in the local market. The new facilities are expected to generate around 18,000 jobs.
Green steel and sustainability goals
The adoption of EAF technology at the Davao plant will boost production while reducing carbon emissions. SteelAsia’s chief operating officer Rafael Hidalgo emphasized that SteelAsia sees “an opportunity to integrate backwards and create green steel”.