SteelAsia Manufacturing Corp. expects to ship P1.7 billion worth of steel bars to Canada until early 2025.
This is on top of the P1.8 billion previously shipped to that country.
In a statement, SteelAsia said it shipped 14,200 metric tons (MT) of high-strength steel bars worth $8.8 million (P511.24million) to Canada a few days ago and will ship another 30,000 MT worth around P1.2 billion early next year.
The latest shipment is SteelAsia’s seventh export of rebars for Canadian infrastructure projects. It was sourced from the company’s Davao mill, which will also be the source of the upcoming bigger shipment.
The previous six shipments came from SteelAsia’s mill in Batangas and totalled more than 41,400 metric tons worth P1.58 billion.
Benjamin Yao, SteelAsia chairman and chief executive officer, said the company’s entry into a first world market validates its investment in the most modern steelmaking technology available.
“If we must compete with the best, we must be as good as they are at the very least. Our vision is to lay the foundation of a full-fledged steel industry here. It will be the mother industry that will give birth to new businesses in construction, infrastructure, car making, shipbuilding, and appliance production, to name just a few,” Yao said
Yao said SteelAsia is among the greenest steel companies in the world, using renewable energy and recycled water.
SteelAsia has five mills whose combined production capacity makes it among the largest rebar manufacturers in Southeast Asia. It is also putting up new plants in the next few years in various parts of the archipelago to save on shipping costs and sell to customers at similar prices.
The company in July inaugurated its latest mill in Compostella, Cebu.
Over 70 percent of all infrastructure, housing, power, industrial, and other office developments in the country use SteelAsia rebar, one of them the Cebu-Mactan bridged which used 100 percent SteelAsia rebars.
