MANILA, Philippines — SteelAsia Manufacturing Corp. is set to export steel bars worth P1.2 billion to Canada next year after recently completing a shipment worth over P500 million.
In a statement, SteelAsia said it would ship 30,000 metric tons (MT) worth of high-strength steel bars amounting to around P1.2 billion early next year.
Just a few days ago, SteelAsia shipped 14,200 MT of high-strength steel bars worth P511.24 million to Canada.
The latest shipment is SteelAsia’s seventh export of rebars for Canadian infrastructure projects.
This batch came from SteelAsia’s Davao mill, which will also be the source of the upcoming bigger shipment.
The previous six shipments came from SteelAsia’s mill in Batangas covering more than 41,400 MT worth P1.58 billion.
SteelAsia chairman and CEO Benjamin Yao said the company’s entry into a first world market validates the investment it made 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. It will be the mother industry that will give birth to new businesses in construction, infrastructure, car making, shipbuilding and appliance production, to name just a few,” Yao said.
SteelAsia is also among the steel companies in the world implementing green practices as its plants utilize renewable energy and recycled water.
SteelAsia, which has five mills, is among the largest rebar manufacturers in Southeast Asia.
To save on shipping costs and maintain prices, the company is putting up new plants in the next few years in various parts of the country.
Last July, President Marcos inaugurated the company’s latest mill in Cebu.