MANILA, Philippines — Steel producer SteelAsia Manufacturing Corp. shipped over 36,000 metric tons of steel bars to Canada to be used for infrastructure construction.
The company said the recent shipment is its fifth batch of exports to Canada, bringing the total value of its exports to $24 million (P1.32 billion).
“We have broken through the first world market where quality and performance standards are the highest,” SteelAsia chairman and CEO Benjamin Yao said.
“We have invested in the best available technology to produce the highest quality steel products and these shipments are our initial reward, and a validation of our reliability and capability,” he said.
SteelAsia said its steel bars were produced using green steel production methods.
The company said that it has been using geothermal energy to recycle steel scrap into high-value, infrastructure-grade steel bars.
“This technology not only supports the Philippines’ infrastructure program, but also promotes sustainability in steel production,” it said.
Yao envisions the Philippines to have its own integrated steel industry that will give birth to new industries and businesses, such as those that produce ships, cars, appliances and support others like construction and housing.
However, the company stressed that the Philippines currently imports most of its steel needs, sapping the country’s dollars and surrendering employment opportunities to other countries.
Data from the Philippine Statistics Authority (PSA) showed that the country imported $5.768 billion worth of iron and steel products in 2022, 8.8 percent higher than last year’s $5.3 billion.
“In the Philippines, we export our resources such as steel scrap and iron ore, then import back finished steel products. This is a tragedy because the value and the jobs are created in another country and, in the meantime, the Philippines is import-dependent. We need job creation here, and that’s what having our own steel industry does” Yao said.