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SteelAsia to Expand Philippines’ Steelmaking Capacity
SteelAsia Manufacturing, the Philippines’ biggest steel manufacturer, will build three new steel mills to meet a growing demand for rebar in the Philippines.
The company will invest US$270 million in the plants, which will bring its production capacity to 3.2 million tonnes a year from its current capacity of 1.2 million tonnes. SteelAsia supplies nearly half of the country’s demand of 2.5 million tonnes for steel bars.
The first plant with a capacity of 400,000 tonnes per year will be built in Davao City, Davao del Sur. Construction is scheduled to start by the end of this year. The plant will be commissioned in 2014 and its rebar used to meet construction demand in areas struck by an earthquake and typhoons, according to a report in the Manila Standard.
At double the Davao City capacity, the second plant will be built in Plaridel, Bulacan province, and will begin production in 2015. The third steel mill will add another 800,000 tonnes of production. It will be built in Balamban, Cebu, and will be completed in 2016.
SteelAsia will purchase plant equipment from Italy, the company said.