THE Board of Investments (BoI) said it endorsed a P30-billion heavy-section mill in Candelaria, Quezon, to the One Stop Action Center for Strategic Investments (OSACSI) for green-lane treatment.
In a statement on Wednesday, the BoI said that SteelAsia Manufacturing Corp.鈥檚 (SAMC) mill and scrap recycling project in Quezon Province has been awarded green lane certification, which will entitle it to streamlined permitting.
Expected to begin operations by July 2027, the project is expected to create 655 in-plant jobs and 3,000 indirect jobs.
鈥淭he project involves the construction of a state-of-the-art facility that will employ Electric Arc Furnace (EAF) technology, prioritizing sustainability by using locally sourced recycled scrap metal instead of imported raw materials,鈥 BoI said.聽
鈥淎ccording to SAMC, this recycling process reduces carbon dioxide emissions by a minimum of 70% compared to traditional blast furnace methods, offering a more environmentally responsible approach to steel production,鈥 it added.
The plant has the capacity to produce one million metric tons of heavy steel sections annually, which is expected to help reduce reliance on steel imports.
鈥淭he Candelaria steel mill will complement SAMC鈥檚 pioneering medium-section mill in Lemery, Batangas, which was also endorsed for green lane certification by OSACSI in 2023,鈥 the BoI said.聽
鈥淭he Lemery facility, currently under construction, will produce medium sections and merchant bars 鈥 products that are currently 100% imported,鈥 it added.
Together, the two plants are expected to supply the Bataan-Cavite Interlink Bridge Project.
鈥(They will) help close critical gaps in domestic steel production, support fabrication shops, and boost the country鈥檚 industrial competitiveness across Southeast Asia,鈥 the BoI said.
Between February 2023 and June, the BoI endorsed 222 projects for green-lane treatment, which have a total project cost of P5.748 trillion. 鈥 Justine Irish D. Tabile
