Philippine’s SteelAsia plans to add two additional plants at an investment of PHP25bn ($494.36mn) to meet domestic steel demand. One facility will manufacture finished steel with 1.7mn mt capacity and another plant will manufacture rebars, according to local media. SteelAsia’s existing capacity is 2.1mn mt per annum.
The company’s has proposed a PHP20bn facility for finished products in Concepcion, Tarlac. SteelAsia has also acquired a property in Iloilo City, where it plans to establish a rebar facility at a cost of PHP5bn. These two facilities are in addition to three plants which SteelAsia plans to set-up at Cebu, Batangas and Quezon with a combined investment of PHP36bn.
SteelAsia expects strong domestic demand as Philippines develops its infrastructure. Both government and private infrastructure projects are driving the demand for steel in the country.
($1=PHP50.58)