The country’s largest steel manufacturer has earmarked P5 billion for its new facility in Iloilo City.
SteelAsia Manufacturing Corp.will build a rebar facility in the city as part of its “aggressive expansion drive to meet market demand.”
Benjamin Yao, SteelAsia chairman and chief executive officer, said they have already acquired a property in the city for the project.
The rebar facility is intended to serve customers in the Western Visayas region.
Yao did not disclose specific details for the project.
He said the rebar facility is one of the two additional projects of SteelAsia.
The other facility will rise on a 90-hectare property in Concepcion, Tarlac.
“We are capacity constrained today. On a per capita basis compared to our neighboring countries, we are much lower and we are filling it right now,” said Yao.
“Lots of demand is coming in, we haven’t seen the real Build, Build, Build (program) which we believe will start to kick-in next year,” he added.
Yao said the two facilities are in addition to the three plants SteelAsia is building in Compostela, Cebu; Lemery, Batangas; and Candelaria, Quezon; with a combined amount of P36 billion.IMT
