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SteelAsia

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Philippine steel company

SteelAsia
FormerlyIsland Metal Manufacturing Corporation
Company typePrivate
IndustrySteel
Founded1965; 60 years ago (1965) in Meycauayan, Philippines
FoundersBenito Yao
Go Kim Pah
HeadquartersTaguig, Metro Manila, Philippines
Number of locations6 steel mills (2023)
Key peopleBenjamin Yao, Chairman, President and CEO
ProductsReinforcing steel bar
Production output3 million tons per year (2020)
Owners
  • Yao family
  • Harrisburg Resources
Websitewww.steelasia.com

SteelAsia Manufacturing Corp. (SAMC), also known as SteelAsia, is a Philippine steel company based in Taguig, Metro Manila which is mainly a reinforcing steel bar producer.

History

SteelAsia was established in 1965 by Benito Yao and Go Kim Pah, the latter being the founder of Equitable Banking Corporation. The company was founded as the Island Metal Manufacturing Corporation setting its first steel mill in Quezon City with the capacity of 30,000 tons per year.

In the 1980s, Benjamin Yao took over SteelAsia's operations. It would establish its second mill named Peninsula Steel in 1989 in Meycauyan, Bulacan. SteelAsia would establish a new steel bar mill in Bulacan in 1996 which introduced modern rolling mill technologies to the Philippine steel industry.

From the mid-2000s to the early 2010s, SteelAsia expanded its reinforcing bar production capacity; from producing 279,000 tons of rebar in 2006 to 1.2 million tons in 2013, securing almost half of the rebar market share in the Philippines. In 2014, it began operations of two steel mills in Mindanao, to serve the Mindanao region.

The company has also lobbied against the proliferation of induction furnace produced steel which it views as substandard and a detriment to the domestic steel industry. SteelAsia also started work on the Lemery Works which would be the first steel beam manufacturing facility in the Philippines upon its completion in 2023.

SteelAsia Manufacturing Corporation's Compostela, Cebu plant, CEO Ben Yao & Rafael Hidalgo exported P1.8 billion (35,000 metric tons) worth of green steel, high-strength rebar to a Canadian subway system in Vancouver. Acciona designed the 3-kilometer section of the Ontario Line subway. "We also supplied the bar for the Cebu–Cordova Link Expressway and the contractor was Acciona," Benjamin Yao said. Further, it obtained an P8.3-billion loan for its P18-billion steel mill in Lemery, Batangas.

Steel mills

SteelAsia operates six steel mills as of 2023.

Under-construction
Former

References

  1. "Steel Asia secures P5.7B loan from DBP". Malaya Business Insight. October 12, 2020. Retrieved March 14, 2021.
  2. "Report of Findings on the Anti-dumping Protest Against the Importation of Steel Billets from Russia". tariffcommission.gov.ph. Tariff Commission.
  3. "Head office". SteelAsia. December 8, 2001.
  4. ^ Tomacruz, Sofia (March 20, 2017). "SteelAsia offers to revive defunct National Steel". Rappler. Retrieved March 14, 2021.
  5. ^ Developments in Steelmaking Capacity of Non-OECD Economies 2010. OECD Publishing. March 28, 2011. p. 381. ISBN 978-9264110922.
  6. Fortuno-Mioten, Erika (October 25, 2019). "Embarking on the endeavor of a lifetime". BusinessWorld. Retrieved March 14, 2021.
  7. "SteelAsia, Yao vie for top global awards". Manila Standard. April 4, 2017. Retrieved March 14, 2021.
  8. "SteelAsia". Securing The Future of Philippine Industries. Department of Trade and Industry.
  9. The Report: Philippines 2016. Oxford Business Group. April 8, 2016. p. 128. ISBN 978-1910068557. Retrieved March 14, 2021.
  10. "SteelAsia CEO asks govt to ban induction furnace". Manila Standard. December 10, 2019. Retrieved March 14, 2021.
  11. Campos, Othel (March 14, 2021). "SteelAsia to open 1st PH steel beam plant by 2025". Manila Standard. Retrieved March 14, 2021.
  12. Campos, Othel (May 24, 2024). "SteelAsia exports P1.80-b steel bars for Canadian railway". Manila Standard. Retrieved May 25, 2024.
  13. Miguel, Janine Alexis (May 25, 2024). "SteelAsia: Rebar exports to Canada rising". The Manila Times. Retrieved May 25, 2024.
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