Philippines to Reduce Reliance on Steel Imports, an Industrial Info Market Brief

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The Philippine government aims to reduce steel imports and make the steel market self-sufficient to support the booming infrastructure activities in the country. Trade and Industry Secretary Ramon Lopez said that "it is President Duterte's vision of having a globally competitive, integrated iron and steel industry" and urged local steel companies to plan on capacity expansion projects to cater to the expected increase in demand.

Philippine steelmaker Steel Asia Manufacturing Corporation is in talks with BIS Group Company Limited to build a $3 billion integrated iron and steel mill on the southern island of the country. Phase I of the billion-dollar project will establish two blast furnaces and produce 4.5 million tons of hot rolled coils and steel bars. The integrated steel mill is expected to cater to smaller, local steel processing plants and decrease the country's dependence on steel imports from China.