SteelAsia ships P511.24M worth steel bars to Canada

Nov 06, 2024

Through its Davao mill, SteelAsia Manufacturing Corporation shipped 14,200 metric tons of high-strength steel bars worth P511.24 million to Canada on October 2024. This is the first time the company’s 600-thousand-ton-per-year Davao mill—or for any steel mill in Mindanao—to export steel products. | Photo from SteelAsia Manufacturing Corporation website

One of the Philippines’ largest producers of steel products, SteelAsia Manufacturing Corporation, on Tuesday said it shipped P511.24 million ($8.8 million) worth of high-strength steel bars to Canada, marking its seventh shipment to its inaugural first-world market.

In a statement, the steel manufacturing firm said that the shipment that was sent a few days ago was produced from their steel facility in Davao.

The previous six shipments were from the firm’s steel mill in Batangas, totalling more than 41,400 metric tons and are worth P1.58 billion.

READ: SteelAsia eyes five new plants with P82-B expansion push

SteelAsia chairman and chief executive officer Benjamin Yao said that their entry into a first world market validates the company’s investment in the most modern steelmaking technology available.

“If we must compete with the best, we must be as good as they are at the very least. After all, our vision is to lay the foundation of a full-fledged steel industry here,” Yao said.

The SteelAsia executive also touted that they are among the “greenest” steel companies in the world, using renewable energy and recycled water.

To date, SteelAsia has five mills in the Philippines in the provinces of Batangas, Bulacan, Davao, and Cebu.

Earlier in July, the company said it was planning to put up five more plants in the country in the next four years, doubling its existing facilities with an P82 billion expansion plan.

The planned manufacturing plants includes an P18 billion facility in Lemery, Batangas, a P30 billion one in Candelaria, Quezon, and another P8 billion factory in Davao City.

The other two plants will be in Concepcion, Tarlac, which are projected to cost P26 billion and to be completed by 2027.

SteelAsia senior vice president for business development Rafael Hidalgo, said back in May that they also want to explore their product offerings.

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These include expanding production to wide flange beams, sheet piles, wire rods, flat bars, channels, T-bars, and lattice girders.

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