The Philippines-based steel producer SteelAsia Manufacturing Corporation plans to invest PHP 82 billion ($1.39 billion) to build five new steel plants over the next four years, according to media reports. The new plants will produce a wide range of steel products, such as wire rod, billet and sections, that are currently imported into the country.
The plants, which will be located in Batangas, Quezon, Davao City, and Tarlac, will increase the company’s annual output by 2.2 million mt. The first three plants are expected to be completed by 2026 and the last two plants are scheduled to be completed in 2027.
SteelAsia currently operates six plants in Batangas, Bulacan, Davao, and Cebu, with an annual finished steel capacity of three million mt.
