Formerly | Island Metal Manufacturing Corporation |
---|---|
Company type | Private |
Industry | Steel |
Founded | 1965Meycauayan, Philippines | in
Founders | Benito Yao Go Kim Pah |
Headquarters | , |
Number of locations | 6 steel mills (2023) |
Key people | Benjamin Yao, Chairman, President and CEO |
Products | Reinforcing steel bar |
Production output | 3 million tons per year [1] (2020) |
Owners |
|
Website | www |
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. [3]
SteelAsia was established in 1965 by Benito Yao and Go Kim Pah, the latter being the founder of Equitable Banking Corporation. [4] 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. [5]
In the 1980s, Benjamin Yao took over SteelAsia's operations. [4] It would establish its second mill named Peninsula Steel in 1989 in Meycauyan, Bulacan. [5] SteelAsia would establish a new steel bar mill in Bulacan in 1996 which introduced modern rolling mill technologies to the Philippine steel industry. [6] [7]
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. [8] In 2014, it began operations of two steel mills in Mindanao, to serve the Mindanao region. [9]
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. [10] 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. [11]
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. [12] [13]
SteelAsia operates six steel mills as of 2023.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion, making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
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Metropolitan Cebu, or simply Metro Cebu,, is the main urban center of the province of Cebu in the Philippines. Metro Cebu is located along the central eastern portion of the island including the nearby island of Mactan. It accounts for 19.9 percent of the land area and 61.5 percent of the population of the entire province of Cebu.
Roberto "Obet" Mamangon Pagdanganan is a Filipino politician and lawyer who served as the 29th Governor of Bulacan from 1988 to 1998 and subsequently as Secretary of Tourism and Secretary of Agrarian Reform.
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