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CONF: Philippines’ steel consumption falls 15% in 2020


The COVID-19 outbreak led to a 15% on-year drop in the apparent steel consumption in the Philippines to 8.5 million tonnes in 2020, with demand down from the construction sector in particular, Ronald J. Magsajo, Director of Philippine Iron and Steel Institute, shared at the SEAISI 50th Anniversary e-Conference & Exhibition on June 17.
Last year, the country’s GDP fell 9.5% on year or steepest decline in decades after 84 consecutive quarters of on-year growths, as the Philippines was forced to impose lockdowns to contain the spread ofpandemic since March last year until now, he said. In 2020, the country’s construction - the core


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