SteelAsia sets record-high $19M export

SteelAsia sets record-high $19M export

SteelAsia sets record-high $19M export

FILE PHOTO: Through its Davao mill, SteelAsia Manufacturing Corporation shipped 14,200 metric tons of high-strength steel bars worth $8.8 million (P511.24 million) to Canada on October 2024. This is the first time the company’s 600-thousand-ton-per-year Davao mill—or for any steel mill in Mindanao—to export steel products.

MANILA, Philippines — One of the country’s biggest producers of steel products, SteelAsia Manufacturing Corporation, said it had shipped out its largest shipment to date, marking a new milestone for the company with its $19 million (P1.1 billion) export last month.

In a statement, SteelAsia said it’s 32,000 metric ton of high-strength reinforcing steel shipped out last January 30 from its Davao City plant to Canada.

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READ: SteelAsia ships P511.24M worth steel bars to Canada

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The company said it will be used for a subway project in the city of Vancouver.

“We have repeat orders from the same buyer and project, a vote of confidence in our reliability as a supplier and in the quality of our products,” SteelAsia Chairman and chief executive officer Benjamin Yao said over the weekend.

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“Locally, it is the same for us since the top developers are our biggest loyal customers,” he added.

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In October last year, the company also shipped $8.8 million (P511.24 million) worth of high-strength steel bars to Canada, which marked its seventh shipment to its inaugural first-world market.

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The previous six shipments were from the firm’s steel mill in Batangas, totaling more than 41,400 metric tons and are worth P1.58 billion.

To date, SteelAsia has exported a total 87,000 metric tons with an approximate value of P3.2 billion for the same Canadian subway project.

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The company added that it currently operates 4 steel mills in various locations across the country and constructing a green steel H beam plant in Lemery Batangas. It is also in the process of developing a site for a second green steel H beam plant worth P30 billion Candelaria, Quezon.

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TAGS: Export, Steelasia Manufacturing Corp.

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