SteelAsia Manufacturing Corp.crazywin, one of the country’s largest producers of steel products, is investing P30 billion in a new manufacturing plant in Candelaria, Quezon, with the new facility aimed at producing heavy structural steel products.
In a statement on Wednesday, the company said that the plant was scheduled to start operations by 2027.
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Article continues after this advertisement“We will create around 7,000 jobs instead of giving jobs to China, Vietnam, Thailand, Korea and Japan, our major suppliers,” said SteelAsia chairman and chief executive officer Benjamin Yao.
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According to SteelAsia, this planned heavy sections plant will use the latest European steel technology to produce over 1 million tons of structural steel products, such as H beams, I beams, angles, sheet piles and plates.
Article continues after this advertisement Faster deliveryAdditionally, the company said that once the Candelaria plant becomes operational, delivery time will be shortened from three months to four months for imported steel products to just one to two weeks.
Article continues after this advertisement“This is a game changer initially for the construction and infrastructure sector since this means quicker project completion and lower costs,” said Yao.
Article continues after this advertisementThe engineering, procurement and construction management for the plant has been awarded to MCC Huatian Engineering & Technology Co. Ltd., which SteelAsia said was a global leader in this kind of construction project.
jackpot spinAccording to the China-based firm, it has built over 230 steel plants with a total installed capacity of over 200 million tons in 14 countries.
Article continues after this advertisement“In steel manufacturing, we cannot compromise on technology and know-how because we are committed to producing the best steel products,” Yao said, highlighting their confidence in the construction firm.
The company said the news was shared with Ayala employees, and that “the family requests privacy during this most difficult time.”
“For September our expectation is roughly 2.5. It’s a range between 2.5 to 2.9, the midpoint is roughly 2.5,” Recto said, speaking partly in Filipino.
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