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Philippine steelmaker SteelAsia plans to increase its domestic steel production capacity to 4.8 million tons per year by 2028, nearly doubling the current 2.5 million tons. L390N steel, To achieve this goal, the company will build four new steel plants across the country, with a total investment of approximately 75 billion Philippine pesos (about US$1.31 billion).
According to the plan, a 20 billion peso investment will be made to build the Philippines' first steel beam production plant in Lemery, which is scheduled to be operational in the second quarter of 2026. The largest plant, with an investment of 30 billion pesos, is located in Candelaria and is expected to be put into production in the third quarter of 2027. L390N steel, It will mainly produce heavy steel products such as angle steel, channel steel, H-beams, I-beams, and sheet piles, with an annual output of up to 1 million tons.
In addition, the company will invest 17 billion pesos and 7 billion pesos respectively to build new plants in Concepcion and Davao. The Concepcion plant is scheduled to start production in the second quarter of 2028, producing rebar and wire rod.
SteelAsia executives stated that the Philippine steel industry is still in its early stages of development, with further expansion plans planned for the future. Currently, the company is focusing on constructing the four new steel plants mentioned above. The company also emphasized its commitment to achieving an annual production capacity of 3.5 million tons of low-carbon or "green steel" by 2028 and is actively exploring the establishment of a closed-loop steel recycling system.
To realize its green steel strategy, SteelAsia signed a Memorandum of Understanding on August 20 with Metro Pacific Investments Corp. (MPIC), a Philippine infrastructure investment company, and Mitsui & Co. (Asia Pacific) Manila Branch to jointly conduct a feasibility study. This tripartite collaboration aims to establish a business model whereby Mitsui collects scrap steel from the MPIC Group's supply chain, processes and recycles it through SteelAsia, L390N steel, and then invests it in infrastructure projects to achieve circular economy. Mitsui stated that the project will leverage its extensive experience in scrap steel and steel trading to advance its implementation.
