THE iron and steel industry is bullish on $1-billion steel investments over the next six years, an official said over the weekend.
“For this administration, we estimated $1 billion for steel investments that can generate 5,000 direct employment,” Philippine Iron and Steel Institute (PISI) President Roberto Cola said.
He said that, Nicua Mining Corp. earlier invested $250 million to put up a steel-manufacturing project in Leyte, a move that will enable the Philippines to inch closer to its goal of becoming an emerging industrialized nation.
Cola added that Steel Asia Manufacturing Corp. in July also announced a $500-million expansion program that will increase production of wire rods, steel plates and steel sections.
Cola, also the manager for industry affairs of Steel Asia said that the company is bullish on the economy.
He said that steel demand in the Philippines is growing faster than that of the gross domestic products, creating a huge opportunity to expand the market.
Earlier, Cola said the apparent demand for steel in the Philippines is 6 million MT, of which 60 percent is for long products and the rest for flat products. All flat products are now imported.
“The per capita consumption of steel in the Philippines is 60 kg which is far behind those of its neighbors Indonesia and Malaysia and the global average of 220 kg,” he added.