Philippines' SteelAsia in $1.1 billion expansion drive

SteelAsia Manufacturing Corp., the largest steelmaker in the Philippines, is actioning plans to build four new steel plants to expand and diversify its product lineup, according to local news reports. Longer term, SteelAsia's aggressive expansion is believed to be aimed at helping the country reduce its reliance on imported steel, including imports from China that last year topped 4 million tonnes, Mysteel Global notes.

Predicted to cost some PHP65 billion ($1.12 billion), SteelAsia's upcoming facilities will produce steel products that are not yet being manufactured in the country, such as H-beams, I-beams, wire rods, sheet piles and billets, according to a recent report from Philippine News Agency (PNA), the web-based newswire of the