SteelAsia signs P30B deal with Danieli for Quezon mill, set to cut CO2 by 2M tons

SteelAsia Manufacturing Corp., a leading steel manufacturer, signed an agreement with Italian firm Danieli Co. Ltd. to build the Philippines' first heavy steel sections mill in Candelaria, Quezon.

The project, costing approximately P30 billion, will utilize green technologies and is expected to have one of the lowest carbon footprints among steel plants worldwide, reducing 2 million tons of CO2.

Currently, all such components are imported from China and Vietnam with long delivery times of three months or more.

Once operational in 2027, the new mill will reduce import dependence, deliver steel to construction sites within two weeks, and generate approximately 7,000 jobs.

Special Assistant to the President for Investment and Economic Affairs Frederick Go stated that this initiative will replace around $1.2 billion worth of annual imports and help move towards a sustainable investment-led economy.