On September 6, SteelOrbis reported that Philippines-based SteelAsia was making a large investment in domestic projects over a five-year period.
SteelAsia has recently announced its investment of US$465 million in two wire rod mills that will produce 500,000 mt each for a total of 1 million mt annually to provide for the country’s 800,000 mt of wire-rod consumption, which is currently met by imports due to a lack of domestic wire rod capacity. One mill will be located in Visayas and the other in Luzon.
Wire rods are the main input for several products, such as machine parts, springs, cables, welding wires and rods, mesh, nuts and bolts, screws and other fasteners, tools and tire cord, among others. SteelAsia’s CEO Benjamin O. Yao has also stated that the improvements in supply will help small to medium enterprises to higher-value manufacturing.
SteelAsia, the country’s largest steel maker with over 2.6 million mt of annual output, has 11 operating plants across the country with capabilities on upstream, midstream and downstream steel production.