SteelAsia to put up P30-B plant in Candelaria, Quezon
SteelAsia Manufacturing Corp. on Wednesday announced plans to build a P30-billion plant in Candelaria, Quezon, which will produce heavy structural steel products that are currently being imported into the country.
According to SteelAsia, the plant is set to begin commercial operations in 2027, after awarding the engineering, procurement, and construction management (EPCM) to MCC Huatian Engineering & Technology Co. Ltd. earlier this week.
Based on its company profile on its website, MCC Huatian is the “pioneer and main force in the construction of China’s steel industry.” It is said to have built over 230 steel plants with a total installed capacity of over 200 million tons in 14 countries.
Once the factory is operational, it is expected that the Philippines will save $1.2 billion a year. This will also improve import delivery times from three to four months to one to two weeks.
“We will create around 7,000 jobs instead of giving jobs to China, Vietnam, Thailand, Korea, and Japan, our major suppliers,” SteelAsia chairman and chief executive officer Ben Yao said in a statement.
“This is a game changer initially for the construction and infrastructure sector since this means quicker project completion and lower costs,” he added.
SteelAsia in November 2024 said it shipped P511.24 million worth of high-strength steel bars to Canada, its seventh shipment to the country, which were produced from its Davao facility. Its earlier shipments worth P1.58 billion were from its Batangas facility.
Its latest mill in Compostela, Cebu, was inaugurated by President Ferdinand “Bongbong” Marcos Jr. in July 2024. — VBL, GMA Integrated News
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| photos from https://www.steelasia.com/ |
