Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

SteelAsia says P30-B Candelaria plant to produce over 1M tons of steel

STEELASIA MANUFACTURING CORP FACEBOOK

STEELASIA Manufacturing Corp. said it has awarded the engineering, procurement, and construction management (EPCM) contract for its P30-billion plant in Candelaria, Quezon, which is expected to produce over one million tons of structural steel.

SteelAsia awarded the contract to engineering company MCC Huatian Engineering & Technology Co. earlier this week, the company said in a statement on Wednesday.

SteelAsia’s plant in Candelaria is expected to commence commercial operations by 2027 and is projected to create $1.2 billion in annual savings for the country as it will produce heavy structural steel products that are currently 100% imported, it added.

“We will create around 7,000 jobs instead of giving jobs to China, Vietnam, Thailand, Korea, and Japan, our major suppliers,” said SteelAsia Chairman and Chief Executive Officer Benjamin O. Yao.

“Our carbon footprint will also be 90% lower than the traditional steelmaking process because we use recycled scrap metal and employ electric arc furnace technology,” he added.

Once operational, the Candelaria plant is expected to improve delivery lead times to projects to 1-2 weeks from the previous 3-4 months.

“This is a game changer initially for the construction and infrastructure sector since this means quicker project completion and lower costs,” Mr. Yao said.

The Candelaria plant is part of the P82-billion investment the company announced in July last year, along with its plants in Lemery, Batangas, Davao City, and Concepcion, Tarlac.

The company’s investment aims to reduce the country’s reliance on imports, create jobs, and contribute to the country’s economic growth.

SteelAsia has six manufacturing facilities that produce 3 million metric tons of finished steel a year, the company’s website showed. — Justine Irish D. Tabile

    You May Also Like

    Stock Markets

    Students of the Institute of Civil Engineering of the University of the Philippines Diliman experience what it’s like on-board the Circular Explorer and attend...

    Stock Markets

    BW FILE PHOTO THE NATIONAL Government’s (NG) debt service bill surged year on year in November as both interest and amortization payments rose, data...

    Stock Markets

    In the photo are (seated L to R) Francisco “Coco” D.C. Mauricio, WeFund Lending Corp. President and CEO; Danilo “Bong” J. Mojica II, UnionDigital...

    Stock Markets

    THE DEVELOPMENT Bank of the Philippines (DBP) will again request for regulatory relief this year as it seeks to boost its capital position. “Just...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.