SteelAsia mill gets ‘high-value’ enterprise tag

SteelAsia Manufacturing Corp.’s upcoming steel mill in Lemery, Batangas, has become the first project registered under a new incentive category for high-value domestic enterprises.

This comes after the Board of Investments (BOI) awarded a certificate of registration to SteelAsia Lemery Works Inc. as the first high-value domestic market enterprise under Republic Act No. 12066, or the Create More Act.

The project was also registered under Tier II of the revised Strategic Investment Priority Plan for 2026 to 2028, which covers investments that address gaps in the industrial value chain, according to the BOI.

Under the Create More Act, a high-value domestic market enterprise must have investment capital that exceeds P15 billion and either have export sales of at least $100 million or engage in import-substituting activities.

SteelAsia is investing P19.3 billion in the Lemery steel mill, which is expected to employ at least 600 workers.

Securing such a certification would entitle the SteelAsia plant to an income tax holiday followed by the enhanced deductions regime, among other incentives.

Once operational, the Lemery facility will have an annual production capacity of 500,000 metric tons and will become the country’s first domestic manufacturing facility for medium steel sections.

These include steel beams and similar products used in construction, transportation and infrastructure projects that are currently sourced from abroad.

In a statement, the BOI said the project would help address a longstanding gap in the domestic steel industry.