Inauguration of the SteelAsia Compostela Works (Speech) 07/09/2024

Compostela, Cebu
July 9, 2024
“Steel is the backbone of many industries. Many industries depend on steel for their further development… Today we mark an important milestone in our goal of building and reviving our steel industry as we inaugurate SteelAsia’s Compostela Works,” remarked President Ferdinand R. Marcos Jr. when he led the inauguration of Compostela Works, the newest and largest steel mill of the Philippines’ flagship steel company, SteelAsia Manufacturing Corporation (SAMC).
Compostela Works, which boasts a production of one million metric tons of rebar (reinforcing steel for construction) per year, is poised to provide the much-needed rebar requirements for infrastructure. With this facility, alongside SAMC’s other steel plants across the country, the company’s many other projects over the next three years aim to develop a strong Philippine steel industry that no longer relies on importation to meet steel requirements.
“These projects align perfectly with the recently signed Tatak Pinoy Law, a law which aims to reduce our country’s import dependence and to be a mother industry to the manufacturing sector. Apart from that, it also supports this administration’s flagship ‘Build Better More’ Program that seeks to spur industrial growth and infrastructure development,” President Marcos Jr. said in his speech. He likewise thanked SAMC for bringing meaningful employment to the local community and solidifying the country’s position in the global market - having produced a capacity of three (3) million tons of rebar annually.
Nonetheless, he noted that more is yet to be done to develop the country’s steel industry further. At present, the Philippines is the only Member State in the Association of Southeast Asian Nations (ASEAN) without its own integrated steel mill, resulting to limited production of certain steel products.
“The Compostela Works is one step forward in building a more sustainable and highly-linked steel industry. To support our social and economic growth, I encourage everyone to work with us in addressing the remaining supply chain gaps in the steel industry,” he said, urging all stakeholders to pursue more investments aimed at reducing, if not eliminating, the limited raw materials situation.
The Chief Executive called on the Department of Trade and Industry (DTI), together with the Department of Energy (DOE) and other agencies and stakeholders, to resolve the industry’s concerns regarding high power and logistics costs which make up the bulk of its production inputs. He further called on the DTI to update the Iron and Steel Roadmap in ensuring continued stability and relevance amidst domestic and global challenges and trends.
“Let this inauguration attest to this administration’s unwavering commitment to invest in our people, in our nation, and our future… Just like steel, we Filipinos are innately strong, resilient, and indomitable. So let us work together for a more globally competitive, prosperous, innovative, and empowered Bagong Pilipinas,” President Marcos Jr. ended in his speech.
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