President Marcos Jr. on Tuesday directed the Department of Trade and Industry (DTI) to update the Iron and Steel Roadmap to ensure stability and relevance amid domestic and global challenges and trends.
The President, during the inauguration of the SteelAsia Compostela Works in Compostela in Cebu, also directed the DTI and the Department of Energy (DOE) to address the concerns of the steel industry especially about high power and logistics costs which he said make up the bulk of the production plants inputs.
“I look forward to the formulation and submission of a concrete and feasible plan to improve our steel trade balance over the next years. In consultation with industry players, I urge the DTI to update the Iron and Steel Roadmap to ensure its continued stability and relevance amidst domestic and global challenges and trends,” Marcos said.
Marcos also urged industry players and stakeholders to pursue more investments aimed at reducing, if not eliminating, the limited raw materials situation as well as to help in “addressing the remaining supply chain gaps” in the Philippine steel industry.
The President said much work still needs to be done to achieve a reliable supply chain for a new and integrated manufacturing industry.
He said the Philippines is the only country in Asean without its own integrated steel mill, resulting in limited production of certain steel products.
During the event, Marcos welcomed the inauguration of SteelAsia’s rebar mill in Barangay Poblacion in Compostela in Cebu and lauded the company for playing a significant contribution to the goal of building and reviving the Philippine steel industry and for bringing job opportunities to Filipinos.
SteelAsia’s Compostela Works, once fully operational, is expected to produce one million tons of rebar a year.
It is also expected to provide employment to 300 personnel in the plant, and around 1,500 jobs in the local community.
