Steel Asia Manufacturing Corp. to Invest US$1.0 Billion for Three New Mini Steel Mills

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One of Asia’s largest steel manufacturing company, Steel Asia Manufacturing Corporation is set to invest some US$1.0 Billion for three new mini steel mills in the Philippines as revealed by the company’s Vice President Roberto Cola in an interview with the media.

Steel Asia Manufacturing Corp. Vice President Roberto Cola told reporters that new facilities would produce billets, bloom, beam blanks, slabs, rebars, wire, rod, sections, and plates.

According to the company, the three mini mills which will be constructed in the next few years will have a total capacity of two million metric tons annually.

VP Cola also revealed that the company Steel Asia is partnering with two investors, one from Italy and the other one is from Japan. The Italian and Japanese investors will be in charge of the plates sections plants while the facility producing rebars would be its own venture.

Steel Asia is also finalizing the memoranda of agreement with the two partner investors. The company is eyeing Batangas ang Subic for the locations of its mini steel mills.

The company also revealed that the company has abandoned its plan to acquire the National Steel Corporation (NSC) in Iligan City, as the company and the local government failed to reach to an agreement.

The establishment of the new steel mills in the Philippines under the Steel Asia Manufacturing Corporation is another achievements for the administration of Pres. Rody Duterte.

Source: PNA

Ed Umbao

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