Market Brief

Philippines Plans New Steel Mill, an Industrial Info Market Brief

The Philippines government, local steelmaker Steel Asia Manufacturing Corporation, and Chinese companies HBIS Group Company Limited and Huili Investment Fund Management Company Limited have signed a memorandum of understanding to build a $4.5 billion integrated steel complex in the PHIVIDEC Industrial Estate, Misamis Oriental, Philippines. This will serve as the first integrated steel mill project ever built in the country and is planned to be constructed in two phases. The steel mill complex will include a coking oven, sintering plant, and pelletizing facilities with the complex having an estimated total capacity of 8 million metric tons of hot-rolled steel coil and 600,000 tons of steel slabs.

Released Friday, August 30, 2019