Philippines-based steelmaker SteelAsia Manufacturing Corporation is planning to invest PHP 100 billion ($1.85 billion) in the next five years for its expansion program, according to the Philippine News Agency, the country’s official news agency. With the expansion program, the company aims to replace imports and create linkages to support infrastructure development and downstream industries.
Benjamin Yao, the company’s chairman and CEO, stated that SteelAsia has started the construction of its seventh steel mill in Compostela, in the province of Cebu, Philippines, as part of this expansion plan. Aside from the plant in Cebu, it also plans to start construction for another two facilities in central and southern Luzon.
In the first six months of this year, SteelAsia’s rebar production amounted to 1.023 million mt, rising by 11 percent year on year, due to the booming infrastructure activities in the Philippines.