COMPOSTELA, Cebu—SteelAsia Manufacturing Corp. said Thursday it exported P1.8 billion worth of high-strength steel bars to a Canadian railway system based in Vancouver.
“We really plan to maximize the opportunity to export steel now that we know there is huge demand from foreign buyers. To date, I think we’ve had 6 shipments to Canada already,” the company said before a media plant tour to its newest reinforcement bar (rebar) facility in this town.
The Compostela plant is the second manufacturing facility of SteelAsia in Cebu.
SteelAsia said it exported 35,000 metric tons (MT) of steel to Canada. The latest shipment with a value of P300 million brought its total exports to P1.8 billion so far. The company made five shipments worth P1.32 billion in 2023.
SteelAsia chief executive Ben Yao said the steel bars were produced using green steel production methods. The company has been using geothermal energy to recycle steel scrap into high-value, infrastructure-grade steel bars.
The technology not only supports the Philippines’ infrastructure program but also promotes sustainability in steel production.
Yao said his vision is for the Philippines to have its own integrated steel industry that is capable of supporting big industries like automobile, airplane and ships manufacturing, appliances production as well as the construction and housing sectors.
The company is in an expansion mode to modernize and add more product lines to support the country’s steel requirement for infrastructure and industrial applications.
Operating plants include the Meycauyan Works M2, Meycauayan Works M1, Calaca Works, Carcar Works, Davao Works and the Compostela Works with a combined rolling capacity of 3 million metric tons.
SteelAsia’s grand expansion roadmap involves the establishment of new plants for the manufacturing of wide flange beams, sheet piles, angle bars, T-bar, wire-rod, lattice girdles, channels and flat bars.