DTI sets review of iron, steel roadmap

MANILA, Philippines  — The Department of Trade and Industry (DTI) will undertake a review of the country’s iron and steel roadmap to build the industry’s resilience and enhance its competitiveness following a directive from President Marcos.

“The DTI, in close collaboration with other relevant agencies, will thoroughly review the iron and steel industry roadmap,” Trade Secretary Alfredo Pascual said in a statement yesterday.

The statement is in response to President Marcos’ directive to the agency to update the country’s iron and steel roadmap to address issues affecting the industry’s growth amid domestic and global challenges.

Marcos gave the directive during the inauguration of SteelAsia Manufacturing Corp.’s new modern rebar manufacturing plant in Compostela, Cebu earlier this week.

The President also directed the DTI, along with the Department of Energy and other agencies and stakeholders to resolve the steel industry’s concerns like high power and logistics costs, which make up the bulk of production plant inputs.

Pascual said addressing supply chain gaps is necessary for a resilient and competitive domestic steel industry.

He said the DTI will be working with all stakeholders, including steel manufacturers, miners and logistics providers to make the country less reliant on imports.

“Our goal is to develop a comprehensive and sustainable strategy that strengthens the domestic steel industry and enhances our steel trade balance,” he said.

He said the steel industry has a critical role in the country’s infrastructure development and economic growth.

While SteelAsia’s new, modern rebar manufacturing plant in Cebu is seen as a significant milestone in achieving the goals for the country’s steel industry, the government also wants more investments to be made in the sector.

“We are confident that through a whole-of-nation approach, we can cultivate a robust Philippine steel industry and attract substantial investments in this vital sector,” he said.

Earlier, Special Assistant to the President for Investment and Economic Affairs Frederick Go said the steel industry is among the priority sectors for development as the government is looking to position the country as a top investment destination.