President Ferdinand R. Marcos Jr. lauded on Tuesday the SteelAsia Manufacturing Corp. for playing a significant contribution to the goal of building and reviving the Philippine steel industry and for bringing job opportunities to Filipinos.
During the Inauguration of the SteelAsia’s “Compostela Works” in Barangay Poblacion, Compostela, Cebu, President Marcos noted that once it becomes fully operational, it will have an annual production capacity of one million tons of rebar, making the country’s largest steel plant.
Rebar, short term for reinforcement bar, is a type of steel bar used in concrete construction.
“What is even more exciting is that this is just one of SteelAsia’s projects over the next three years aimed at developing a strong Philippine steel industry that no longer relies heavily on importation to meet our steel requirements,” President Marcos added.
The SteelAsia Manufacturing Corp. started its operations in 1965. It is Southeast Asia’s largest producer of rebar, and the Philippines’ only steel exporter.
President Marcos said the “Compostela Works” aligns perfectly with the administration’s recently signed “Tatak Pinoy Law,” that aims to reduce import dependence and make the country the mother industry for the manufacturing sector.
The project also supports the administration’s flagship “Build Better More” Program that seeks to “spur industrial growth and infrastructure development.”
In terms of generating employment, President Marcos noted the opening of the Compostela Works alone already brought an employment of 300 personnel in the plant, on top of the 1500 jobs that can be generated in the local community.
With that, the President thanked SteelAsia Manufacturing Corp. for bringing the “state-of-the-art steel plant to fruition.”
“For nearly six decades, you have been a formidable player in our country’s steel industry. Over 70 percent of all infrastructure, housing, power, industrial, and other office developments in the country use SteelAsia rebar. It signifies your indispensable role in our socio-economic transformation,” he said.
The country’s standing in the international market is also further strengthened with the corporation’s increased manufacturing capacity of three million tons annually.
“The Compostela Works is [but] one step forward in building a more sustainable and highly-linked steel industry,” President Marcos said.
Before concluding his speech, the President called on concerned government agencies and various stakeholders to work together to improve the steel sector and help address the remaining supply chain gaps in the steel industry.
This is in view of localizing the production of basic steel products to lessen costs and sustain demands.
“So, I look forward to the formulation and submission of a concrete and feasible plan to improve our steel trade balance over the next years,” the President told the Department of Trade and Industry (DTI) as the lead agency.
The President also urged them to “update the Iron and Steel Roadmap” to ensure its continued stability and relevance amidst domestic and global challenges and trends.”
The chief executive also invited all stakeholders to pursue more investments to address the limited raw materials issue.
“Let this inauguration attest to this administration’s unwavering commitment to invest in our people, in our nation, and our future,” the President said.
“So, let us work together for a more globally competitive, prosperous, innovative, and empowered Bagong Pilipinas,” he said. | PND
