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 (2023)
Key people
Benjamin Yao, Chairman, President and CEO
ProductsReinforcing steel bar
Production output
3 million tons per year[1] (2020)
Owners
  • Yao family
  • Harrisburg Resources
  • [2]
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.[3]

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 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]

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. 1 2 Tomacruz, Sofia (March 20, 2017). "SteelAsia offers to revive defunct National Steel". Rappler. Retrieved March 14, 2021.
  5. 1 2 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.
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