July 09, 2024 - In a ceremony held on Tuesday, President Ferdinand R. Marcos Jr. commended SteelAsia Manufacturing Corp. for its pivotal role in advancing the Philippine steel sector and bolstering local employment opportunities.
During the inauguration of SteelAsia's "Compostela Works" in Barangay Poblacion, Compostela, Cebu, President Marcos highlighted the facility's potential to become the country's largest steel plant, with an anticipated annual production capacity of one million tons of rebar (reinforcement bar).
Rebar is crucial in concrete construction, and President Marcos expressed enthusiasm over SteelAsia's efforts to reduce the Philippines' reliance on steel imports through upcoming projects aimed at strengthening the domestic steel industry.
Established in 1965, SteelAsia Manufacturing Corp. stands as Southeast Asia’s largest producer of rebar and the sole steel exporter in the Philippines. President Marcos emphasized that the "Compostela Works" aligns with the administration’s "Tatak Pinoy Law," recently enacted to diminish import dependence and enhance the nation's industrial capabilities.
The President also underscored the project’s support for the government's flagship "Build Better More" Program, designed to foster industrial growth and infrastructure development nationwide.
In terms of employment, President Marcos noted that the Compostela Works has already created 300 jobs within the plant, with potential for an additional 1500 jobs in the local community.
Expressing gratitude to SteelAsia Manufacturing Corp., President Marcos acknowledged their longstanding contribution to the country’s infrastructure development and economic progress. He emphasized the corporation's critical role, with over 70 percent of the nation's infrastructure projects utilizing SteelAsia rebar.
Highlighting the importance of enhancing the steel sector, President Marcos called upon government agencies and stakeholders to collaborate in addressing supply chain gaps and promoting local production of basic steel products.
Looking forward, the President urged the Department of Trade and Industry (DTI) to update the Iron and Steel Roadmap, ensuring its relevance amidst evolving domestic and global trends.
In conclusion, President Marcos affirmed his administration's commitment to investing in national progress and invited all stakeholders to join hands in building a more competitive and prosperous Philippines.
The inauguration of the "Compostela Works" signifies a significant stride towards achieving a sustainable and robust Philippine steel industry under President Marcos's leadership.