PANGILINAN-LED conglomerate Metro Pacific Investments Corp. (MPIC) has teamed up with Mitsui & Co. (Asia Pacific) Pte. Ltd. Manila Branch (Mitsui) and SteelAsia Manufacturing Corp. to study the creation of a closed-loop steel recycling system.
The three groups will assess the feasibility of a model in which steel scraps from MPIC’s supply chain will be bought by Mitsui and recycled by SteelAsia, which will then be sold back to the market for potential use in infrastructure projects.
MPIC said the initiative seeks to maximize the value of steel, reduce reliance on newly mined materials, cut carbon emissions, and keep resources in continuous productive use.
“This initiative goes beyond just recycling, it represents a fundamental shift on how we approach sustainable growth,” MPIC Chief Finance, Risk, and Sustainability Officer June Cheryl A. Cabal-Revilla said in an e-mailed statement on Wednesday.
“A closed-loop system for steel means less extraction, fewer emissions, and stronger local supply chains. This model delivers lasting value for the economy, the environment and our communities,” she added.
MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
