BIZ BUZZ: SteelAsia goes big and green

SteelAsia is not just the Philippines’ flagship steelmaker; it is one of the region’s best, too.

The company, led by CEO Benjamin Yao, recently earned a “very good” SQS2 rating from Moody’s for its sustainable finance framework, the second-highest mark on the rating agency’s sustainability quality scale.

This accolade follows major eco-friendly initiatives across SteelAsia’s plants.

Its Calaca production facility, for instance, boasts a carbon footprint 90 percent lower than the global average for traditional steelmaking, according to Norway-based risk management expert DNV.

SteelAsia is also investing in renewable energy and rainwater recycling at its newer plants, part of a broader push to make steelmaking in the Philippines cleaner and more efficient.

“This rating from Moody’s validates SteelAsia’s strategy to build a globally competitive, low-carbon steel industry in the Philippines,” Yao said. “And as we build the country’s mother of all industries, we also want to show that responsible industrialization, green initiative, and economic growth can go hand in hand.”

Under its decarbonization strategy, SteelAsia is developing 3 million metric tons of green steel annually. This move is expected to reduce the country’s reliance on imported steel, which typically carries a larger carbon footprint.

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But the company isn’t stopping at sustainability. SteelAsia earlier bared plans to expand its overall capacity, earmarking P75 billion for new facilities by 2028, with the goal of ramping up output to 4.8 million metric tons a year from 2.5 million.

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