PBBM says new Cebu steel mill a step towards global niche

STEEL MILL. President Ferdinand R. Marcos Jr. and Benjamin Yao (right) lead the ceremonial switching on of Steel Asia Manufacturing Corporation's Compostela Works in Compostela, Cebu on Tuesday (July 9, 2024). President Marcos says the largest steel mill in Cebu is a step forward towards a sustainable steel industry that will solidify the Philippines' position in the global steel market. (Screenshot from the RTVM video)
testCEBU CITY – President Ferdinand R. Marcos Jr. said on Tuesday that the launch of a steel plant in Compostela, Cebu, is a step forward towards a sustainable and highly-linked steel industry that will solidify the Philippines' position in the global steel market.
Marcos, who led the ceremonial switching on to start the steel mill's operation, said the Compostela Works of SteelAsia Manufacturing Corporation (SAMC) "aligns perfectly with the recently signed Tatak Pinoy Law, a law which aims to reduce our country's import dependence and to be a mother industry to the manufacturing sector."
The President was accompanied by SAMC chief executive officer Benjamin Yao and Governor Gwendolyn Garcia in the launch of Cebu's first largest steel mill.
"Once it becomes fully operational, it will have an annual production capacity of 1 million tons of rebars, making it the country's largest steel plant. What is even more exciting is that this is just one of SteelAsia's projects over the next three years aimed at developing a strong Philippine steel industry that no longer relies on importation to meet our steel requirement," Marcos said in his speech.
He said the steel mill also supports the administration's flagship Build Better More program that seeks to spur industrial goals and infrastructure development.
"We must thank SteelAsia Manufacturing Corporation for bringing this state-of-the-art steel plant into fruition and, more importantly, for bringing meaningful employment to the 300 personnel in this plant, not yet including the 1,500 jobs that could be generated in the local community," he added.
Marcos said the Philippines is the only member state in the ASEAN without its own integrated steel mill, resulting in limited production of certain steel products as a country's steel import basic raw materials.
"The Compostela Works is one step forward in building a sustainable and highly-linked steel industry," he added.
"I invite all stakeholders to pursue more investments aimed at reducing, if not eliminating, the limited raw materials situation. We recognize that much needs to be done towards achieving a reliable supply chain that could give birth to a new and integrated manufacturing industry," he said.
SAMC is a 59-year-old company that pioneered the use of world-class rebar manufacturing technologies in the Philippines.
Apart from manufacturing rebar (reinforcing steel for construction), it also provides downstream rebar solutions, including rebar detailing, cut-and-bend, reinforcing mesh and rebar threading and coupling.
The company operates six steel plants across the archipelago, employing over 3,000 strong workforce. (PNA)

Last Modified: 2024-Jul-10 08.00 +0800