The Department of Trade and Industry (DTI) announced its commitment to reviewing and updating the Iron and Steel Industry Roadmap in response to President Ferdinand Marcos Jr.’s directive.
Trade Secretary Alfredo Pascual said a review of the roadmap would bolster the domestic steel industry’s resilience and competitiveness amid the evolving domestic and global trends.
“The steel industry plays a crucial role in our nation’s infrastructure development and economic growth. Addressing supply chain gaps and reducing our reliance on imports is paramount to building a stronger domestic steel industry,” Pascual said, noting that SteelAsia’s investments in steel manufacturing demonstrate the potential for growth in the sector.
The initiative comes at a pivotal moment, as SteelAsia inaugurated its state-of-the-art rebar manufacturing plant in Compostela, Cebu on July 9, 2024.
The new facility, recognized as the largest and most modern of its kind in Southeast Asia, is set to significantly boost domestic steel production capacity.
The plant will not only generate direct employment opportunities but is also expected to create a ripple effect of economic activity in the surrounding communities.
“We are confident that through a whole-of-nation approach, we can cultivate a robust Philippine steel industry and attract substantial investments in this vital sector. SteelAsia’s example shows what’s possible when we work together,” Pascual said.
The updated roadmap will guide the industry towards greater self-sufficiency, reduced dependence on imports and enhanced competitiveness in the global market.
