D.M. Consunji, Inc. (PSE:DMC) has completed the construction of a P900 million state-of-the-art steel plant in Calaca, Batangas.
The newest high capacity steel fabrication plant in the country, the DMCI facility uses machine tool technology from Peddinghaus Corporation and Voortman Steel Machinery.
Both are globally acknowledged suppliers of innovative machine tool technology for structural steel and plate fabrication, the company said in a disclosure to the Philippine Stock exchange.
The last known high capacity steel fabrication plant in the Philippines was established in the 1980s.
The DMCI steel plant has the capacity to fabricate heavy steel sections for power plants, infrastructure and steel vertical structures.
It currently supplies the requirements of the DMCI group but plans are underway to secure sales contracts with other industrial and construction companies.
Since it began operations, the facility has generated employment for over 240 people, most of whom are from the Province of Batangas.
“The idea to set up a steel fabrication facility came about in April 2013. We did market and business case studies for a couple of months before breaking ground in November 2014,” said DMCI President Jorge A. Consunji.
“Right now, we are completing the ancillary building structures while our fabrication operations are on-going,” he added.
Shares of DMCI Holdings (PSE:DMC) was down 2.77 percent on Monday’s trading, ending the day at P12.64 apiece.
A total of 4.4 million shares with a value of P56.5 million exchanged hands in today’s trading. – BusinessNewsAsia.com