SAN SIMON, Pampanga – The Department of Trade and Industry through the Board of Investment’s One-Stop Action Center for Strategic Investments (BOI OSAC-SI) has awarded the Green Lane Certificate of Endorsement to the 600,000 MT state-of-the-art high-speed hot-rolling mill project of Real Steel Corp. in this municipality.
This, as proof of the country’s commitment to expediting the processing of strategic investments.
BOI Governor Marjorie Ramos-Samaniego together with Executive Director Bobby G. Fondevilla and Director Ernesto C. Delos Reyes Jr. awarded the certificate under Executive Order 18 to the firm’s representative, RSC’s Chief Finance Officer William Chen, at the BOI Main Office in Makati City on Nov. 06.
With an investment cost of P10.3 billion, the reinforcing steel bar production facility is expected to be fully operational in December 2024.
Seen as one of the fastest rolling mills in Asia, the project will also feature the Electric Arc Furnace technology with a horizontal charging system which will significantly increase the efficiency and productivity of the mill and will generate 23MW of Renewable Energy (Solar and Heat Recovery System).
On the economic benefit of the project to the country, the project will provide 480 jobs for Filipinos.
With the consistent double-digit growth in Philippine steel consumption, there is an anticipated increase in steel demand in the coming years to support the government’s “Build Better More” program. Real Steel’s local production of reinforced steel bars, wire rods, and spooled coils using recycled steel scrap will minimize waste and significantly lower the cost of prefabrication materials. Such an approach aims to make housing more affordable for every Filipino.
During the awarding ceremony, Reel Steel commended the BOI for promoting a Green Lane initiative, as this will boost more interest amongst investors and further boost domestic production capability and self-sufficiency.
“We are dedicated to spearheading sustainable practices within the steel industry, and this endorsement is a testament to our continuous efforts to drive sustainable business practices. It not only showcases our commitment to innovation but also highlights our dedication to sustainability and economic progress,” Real Steel Corp CFO Chen.
BOI lauded Real Steel Corp. for its fully automated and eco-friendly project. It is crucial for steel, a key product for nation building, to be entirely sourced and produced within the country.
“BOI prioritizes the creation of integrated steel mills, utilizing local resources such as steel scrap and relying less on imported billets. Real Steel’s strategic efforts in sustainable practices, including its efforts in acquiring LEED and ISO certifications, as well as the recent solar rooftop project, are laudable steps toward a greener and more sustainable future for the steel industry in the Philippines.” Ramos-Samaniego said.
Before the EO 18 endorsement, RSC was granted the LEED (Leadership in Energy and Environmental Design) Building Design and Construction Certificate in December 2022, making its office a Green Building.
EO 18 aims to expedite, streamline, and automate government approval and registration processes for priority investments or strategic investments. DTI-PR
