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Philippines’ SteelAsia to invest in four new plants to diversify product range

Monday, 27 May 2024 12:23:50 (GMT+3)   |   Istanbul
       

The Philippines-based steel producer SteelAsia Manufacturing Corporation plans to invest PHP 65 billion ($1.11 billion) to build four new production facilities on Luzon and Mindanao islands in the next two to three years, according to local media reports. The new facilities will expand the company’s operations in the country and diversify its product range by producing steel products that are not manufactured in the Philippines such as H-beams, I-beams, wire rod, sheet piles and billets.

The new plant to be built in Candelaria will produce heavy sections with an annual rolling capacity of 750,000 mt, while the plant in Davao will produce an annual 500,000 mt of billets. Both plants are scheduled to be commissioned by 2026. On the other hand, the two new plants in Tarlac will increase SteelAsia’s rebar output by 1.2 million mt and will produce an annual 500,000 mt of wire rod. The plants in Tarlac are expected to start operations in 2027.


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