Marcos tasks DTI to elevate PH steel industry roadmap

President Ferdinand ''Bongbong'' Marcos Jr on Tuesday directed the Department of Trade and Industry (DTI) to update the country's Iron and Steel Roadmap to ensure its continued stability. 

Marcos made the remark during the inauguration of the Steelasia Compostela Works in Cebu province.

He said that once the Compostela Works becomes fully operational, it will have an annual production capacity of one million tons of rebar, making it the country’s largest steel plant.

''In consultation with industry players, I urge the DTI to update the Iron and Steel Roadmap to ensure its continued stability and relevance amidst domestic and global challenges and trends,'' Marcos said.

''Let this inauguration attest to this administration’s unwavering commitment to invest in our people, in our nation, and our future. By localizing the production of basic steel products, we contribute to the generation of more inclusive and sustainable opportunities, the diversification of our steel industry, and the stability of our economy,'' he added.

Marcos noted that economic and political challenges have derailed the dreams of improving the steel industry.

Marcos further urged the DTI and the Department of Energy to resolve the industry’s concerns regarding high power and logistics costs, which make up the bulk of its production plants inputs.

''So, I look forward to the formulation and submission of a concrete and feasible plan to improve our steel trade balance over the next years,'' he said. —VAL, GMA Integrated News