BOI grants green lane to SteelAsia's P30B steel mill project

The Board of Investments (BOI) has granted green lane status to SteelAsia Manufacturing Corp.'s (SAMC) P30-billion heavy section mill and scrap recycling mini-mill project in Candelaria, Quezon.

This certification from the BOI will expedite the issuance of permits and licenses for the project.

The project, which utilizes Electric Arc Furnace (EAF) technology and locally sourced recycled scrap metal, is expected to reduce carbon dioxide emissions by at least 70% compared to traditional methods.

The new facility is slated to commence commercial operations by July 2027 and will have the capacity to produce one million metric tons of heavy steel sections annually.

It is expected to create 655 in-plant jobs and 3,000 indirect jobs, contributing to reduced reliance on steel imports.

The Candelaria steel mill will complement SAMC's existing medium-section mill in Lemery, Batangas.