Steel Industry Supply Chain Gaps Addressed

President Ferdinand R. Marcos Jr. has urged increased cooperation among government agencies and various stakeholders to address the remaining supply chain gaps in the Philippine steel industry.

President Marcos was the guest speaker and keynote speaker during the inauguration of Compostela Works, SteelAsia Manufacturing Corporation’s newest rebar mill in Brgy. Poblacion, Compostela, Cebu. I Photo: Bongbong Marcos Facebook

“I would like to temper, however, this celebration that we are enjoying today with an important note that the government and private sector have to do more to develop the industry further,” President Marcos said during the inauguration of the SteelAsia Compostela Works in Compostela, Cebu.

President Marcos highlighted that much work remains to achieve a reliable supply chain for a new and integrated manufacturing industry.

He noted that the Philippines is the only member state in the Association of Southeast Asian Nations (ASEAN) without its own integrated steel mill, resulting in limited production of certain steel products.

The country still imports basic raw materials, he pointed out.

With this, President Marcos called on the Department of Trade and Industry (DTI), the Department of Energy (DOE), and other concerned agencies and stakeholders to resolve the industry’s concerns regarding high power and logistics costs, which constitute the bulk of its production inputs.

“I look forward to the formulation and submission of a concrete and feasible plan to improve our steel trade balance over the next years,” the President said.

He also ordered the DTI to update the Iron and Steel Roadmap to ensure its continued stability and relevance amid regional and global trends and challenges. Additionally, he invited all stakeholders to pursue more investments to address concerns about limited raw materials.

President Marcos was the guest speaker and keynote speaker during the inauguration of Compostela Works, SteelAsia Manufacturing Corporation’s newest rebar mill in Brgy. Poblacion, Compostela, Cebu.

The Chief Executive said the project will help develop a strong Philippine steel industry that no longer heavily relies on importation to meet the country’s steel requirements. President Marcos acknowledged that the opening of Compostela Works brings the country closer to building a more sustainable and highly linked steel industry.