STEELASIA Manufacturing Corporation expects capacity to hit 2.5 million tons in 2021 as it expands operations.
SteelAsia Vice-President and Head of Business Development Raphael C. Hidalgo told reporters at a media event that the company produced almost 2 million tons this year. Its new operations in Compostela, Cebu will expand its production capacity after it goes into operation in late 2020.
“So 2021 will be the real one where you see the number go up. In terms of capacity, we’re going to add another one million tons. But this isn’t one million tons for the present — it’s one million tons for the future. So maybe it will give us an additional half million tons.”
The steel industry in the Philippines is currently dominated by rebar production. SteelAsia plans to expand to other steelmaking, rolling, and fabrication and cold processes. This would address demand through the local production of beams, sheet piles, and angles, among other steel products — instead of importation.
The company is also currently working on its initial public offering, as it plans to go public within two years.
“We started preliminary work already on the corporate side, but going out and starting process with SEC (Securities and Exchange Commission) hindi pa (not yet),” Mr. Hidalgo said. — Jenina P. Ibañez
