The Board of Investment’s One-Stop Action Center for Strategic Investments endorsed the P19.3-billion project of SteelAsia Lemery Works Inc. in Lemery, Batangas for Green Lane processing.
The BOI in a statement said the 500,000-metric ton section mill of SteelAsia is expected to start operation in July 2024, employing 600 workers.
Under Executive Order No. 18, a Green Lane endorsement can expedite the processing and issuance of permits and licenses for projects identified as strategic investments.
The BOI said the project is the greenfield design, erection, and commissioning of the Philippines’ first sections of production: a state-of-the-art hot-rolling production line with an upstream integrated recycling-based steelmaking.
SteelAsia’s project has an import-substitution strategy targeting the large and fast-growing domestic market for the sale of the mills’ output. The plant will use electric arc furnace technology to refine steel which will be used to hot-roll steel sections such as H-beams, I-beams, I-channels, and unequal leg angle bars.
