SteelAsia

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
FormerlyIsland Metal Manufacturing Corporation
TypePrivate
IndustrySteel
Founded1965 (1965) in Meycauayan, Philippines
FoundersBenito Yao
Go Kim Pah
Headquarters
Taguig, Metro Manila
,
Philippines
Number of locations
6 steel mills (2021)
Key people
Benjamin Yao, Chairman, President and CEO
ProductsReinforcing steel bar
Production output
2 million tons per year[1] (2020)
Owners
  • Yao family (40%)
  • NatSteel Ltd. (40%)
  • Harrisburg Resources (20%)
  • (2000)[2]
Websitewww.steelasia.com

History

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 Meycauayan with the capacity of 30,000 tons per year.[5]

In the 1980s, Benjamin Yao took over SteelAsia's operations.[4] It would acquire its second mill named Peninsula Steel in 1989 in Batangas.[5] SteelAsia would establish a new steel bar mill in Bulacan in 1996 which introduced 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 acquired two steel mills in Mindanao, which would become the only rebar manufacturing facilities in the region.[9]

In 2019, SteelAsia is reportedly in preparation to have an initial public offering within the next two years.[10] 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.[11] 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.[12]

SteelAsia planned to build a steel mill in Plaridel, Bulacan but was met with opposition from church leaders and residents of the town due to the proximity of the facility to existing rice fields and a residential area.[13][14]

The Department of Trade and Industry (DTI) in 2020 suspended SteelAsia's standard license after DTI found that the facility produced substandard steel. SteelAsia released a statement that the DTI findings only involved its Meycuayan steel mill and two specific sizes of steel bars and pledged to do corrective actions to make the facility fully compliant again.[15]

Steel mills

SteelAsia has five operating steel mills as of 2018. These facilities are:[16]

Steel millRolling mill linesLocationCommissionedCapacity (tons per year)Ref.
Meycauayan WorksM1Meycauayan, Bulacan1996450,000[17]
M21988
Calaca WorksM3Calaca, Batangas2008500,000[18]
Carcar WorksM4Carcar, Cebu2009300,000[19]
Davao WorksM5Davao City2014500,000[20]
Villanueva (Cagayan de Oro) WorksM6Villanueva, Misamis Oriental2014250,000[20]
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. Desiderio, Louella (December 11, 2019). "SteelAsia eyes IPO in 2 years". The Philippine Star. Retrieved March 14, 2021.
  11. "SteelAsia CEO asks govt to ban induction furnace". Manila Standard. December 10, 2019. Retrieved March 14, 2021.
  12. Campos, Othel (March 14, 2021). "SteelAsia to open 1st PH steel beam plant by 2023". Manila Standard. Retrieved March 14, 2021.
  13. Lopez, Ron (March 1, 2016). "P6-B steel plant in Bulacan gets DENR go-signal despite protests". Philippine Daily Inquirer. Retrieved March 14, 2021.
  14. Galolo, Jeandie (October 3, 2016). "PH steel industry has untapped potential beyond producing mainly rebars, says consultant". Sunstar. Retrieved March 14, 2021.
  15. "DTI suspends standard license of SteelAsia, 5 other manufacturers". BusinessWorld. February 5, 2020. Retrieved March 14, 2021.
  16. "SteelAsia output hits 1-million MT in 1st half". BusinessWorld. September 3, 2018. Retrieved March 14, 2021.
  17. "Meycauayan Works". SteelAsia. Retrieved March 14, 2021.
  18. "Calaca Works". SteelAsia. Retrieved March 14, 2021.
  19. "Carcar Works". SteelAsia. Retrieved March 14, 2021.
  20. "Davao Works". SteelAsia. Retrieved March 14, 2021.
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