Global Steel sees 80% export growth

Global Steel Philippines, the country’s largest manufacturer and exporter of hot rolled and cold rolled coils, said it will export over 60,000 metric tons of hot rolled and cold rolled coils for this month, 80 percent more than what is sold overseas during the same period the previous year.

For the local market, meanwhile, Global Steel said it expects to sell 30,000 MT for the month, 200 percent more than what it sold a year ago.

"Global Steel customers have benefited from the company’s aggressive pricing and adherence to international quality standards. The overseas market, in particular, appreciates our ability to deliver world-class products at affordable prices," Lalit Sehgal, managing director, Global Steel Philippines said.

The hot rolled and cold rolled coils will be exported mainly to Brazil, Korea, Thailand, Indonesia and India. Global Steel has pegged its full year target at 660,000 MT. It exports 70 percent of its production.

Apart from enhancing productivity and ensuring quality consistently to meet the satisfaction level of quality customers, Global Steel is also focusing on new product offerings and services. The company is also poised to manufacture tinplates in the next few months.

In fact, customers from Indonesia, Malaysia, Vietnam, Thailand, Korea, USA, Europe and the UAE are in an advanced stage of having conversions carried out at Global Steel Philippines in view of its cost and quality competitiveness.

Meanwhile, Global Steel is still pushing for an increase in steel tariff in order to lessen the country’s dependence on imported steel. This, however, was met with criticism.

Leaders of the steel industry, especially those in the galvanizing sector, expressed concern that the impending increase on tariff rates on hot-rolled coils (HRC) and cold-rolled coils (CRC) as provided under Executive Order 375 (EO 375) will lead to higher prices of construction material.

Manufacturers, specifically those in the iron and steel industry, explained that raw materials for the manufacture of reinforcing bars and roofing sheets such as billets, HRC, CRC and zinc are basically imported.