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Friday, March 29, 2024

BoI clears P322-m steel plant in Cavite

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The Board of Investments granted incentives to a new steel plant in Cavite province.

The BoI said in a statement it approved the registration of Portal Steels Inc. as a new producer of steel billets and rebars.  The company is investing P322.7 million in a facility in Hong Chang compound, Carmona, Cavite.

Portal Steels qualified for tax incentives under the manufacturing activity of the Investment Priorities Plan. It is expected to produce 48,000 metric tons of steel billets and 22,800 MT of rebars starting December 2017.  It will initially hire 75 workers.

Portal Steels will sell half of the billet production to other rolling mill operations in the local and foreign markets.  The other half is for its own use intended for integrated rolling mill operations.

Rebars will serve the domestic requirement of the infrastructure industry.

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“Steel companies stand to benefit in light of the government’s ‘Build, Build, Build” strategy to usher the country in the ‘golden age of infrastructure’ with infrastructure spending of up to seven percent of the country’s gross domestic product,” said Trade Undersecretary and BoI managing head Ceferino Rodolfo.

The iron and steel industry provides necessary inputs for the construction of infrastructure, power generation and distribution, transportation facilities and vehicles, manufacturing machinery and equipment.

The Philippine iron and steel industry roadmap aims to contribute to the country’s sustainable development by manufacturing world-class products.

The company embarked on an iron and steel program that aims to  attain operational efficiency and achieve the least cost of production.

The project will use one of the most modern billet and rebars making technology in the local industry to produce higher quality steel more efficiency.

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