The Philippine steel industry

The Philippines ranks 20th in the list of major importers of steel according to the World Steel Association. In 2021, our country imported 7.2 million tons of steel from top steel producing countries such as China, India, Japan, and South Korea, among others.

We recall in the 1960s to the 1970s, the Philippines was at par with Taiwan, South Korea and Japan in steel products development because we had a thriving steel industry back then. The car industry in the country was then emerging with the development of various car models such as the Isuzu Harabas, Volkswagen Sakbayan, Toyota Tamaraw and the Mitsubishi Cimarron. There were even locally made home appliances produced by Radiowealth and Zenith.

The National Steel Corporation which used to be in Iligan City in the Province of Lanao del Norte used to be the lifeblood that sustained the Philippine steel industry. When the corporation closed in 1999 despite several attempts to revive the steel industry in the country, infrastructure development suffered setbacks and delays as demand continued to rise but supply of steel was scarce.

NSC’s demise was caused by smuggling, corruption, lack of government support, and wrong policy decisions on privatization. The country then had to resort to importing steel in order not to stall infrastructure development, with projects and programs already in the pipeline. Industrialization is inevitable and irreversible. If we are to truly advance inclusive growth through infrastructure development, then we should seriously consider rebuilding and strengthening our steel industry.

Source: News Formal (newsformal.com)

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